Spring has arrived, and with it come increased threats of natural disasters, including tornadoes and wildfires. If you’re a victim of a natural disaster, you may qualify for a personal casualty loss deduction. Casualty losses can result from the damage, destruction or loss of property due to a sudden, unexpected or unusual event. Generally, you can deduct casualty losses related to your home, household items and personal vehicles if they’re caused by a federally declared disaster. Beginning this year, certain state-declared disasters will also be eligible. Contact us for additional details.
