Planning Briefs
Tax Relief For Disaster-Area Losses
Published Tuesday, November 28, 2017 at: 7:00 AM EST
If you reside in one of the areas recently devastated by a hurricane, wildfire or another natural disaster, or own investment property in one of those places, you may be able to salvage some tax relief. Federal tax laws allow victims of disasters to claim casualty losses of personal property on their tax returns, although the write-offs are limited. What's more, if you suffer a loss in a designated disaster area and you're due a tax refund, you may be able to speed up its arrival.Generally, you're eligible to claim a casualty loss caused by an event that is "sudden,...
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