Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Casualty and Thefts loss

barbgreenx
Level 3

Hi everyone!

My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into that the loss must be declared a federal disaster. if so, how this now treated. Please help.

Thank You

Barbara G

 

0 Cheers
1 Best Answer

Accepted Solutions
Just-Lisa-Now-
Level 15
Level 15

TCJA back in 2018 took away personal casualty losses, so if its not a loss from a federally declared disaster, you dont get anything for it on the tax return.

Your state may have different rules, but theres nothing you can take on the federal.

Didn't their homeowners insurance cover this?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

1 Comment 1
Just-Lisa-Now-
Level 15
Level 15

TCJA back in 2018 took away personal casualty losses, so if its not a loss from a federally declared disaster, you dont get anything for it on the tax return.

Your state may have different rules, but theres nothing you can take on the federal.

Didn't their homeowners insurance cover this?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪