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Writer's pictureDr. Veronica Paz

Personal casualty losses from natural disasters

A recent article in the AICPA Tax Advisor discusses the significant changes over the past year in the rules regarding the deduction of personal casualty losses from natural disasters at the same time as those disasters seem to be increasing in frequency. The article details how to calculate and report the deduction for these losses from residential property and other nonbusiness property for federal tax purposes. Access the full article here.

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