Posts Tagged ‘Tax Extenders’

by Jim Wagoner, CPA | Partner, Director of Tax Services

Storms, floods, car accidents, and thefts happen, and more often than not, insurance does not cover the total amount of the stolen or damaged property.  As a result, the government allows a taxpayer a casualty or theft deduction on the individual’s income tax return in order to help alleviate some of the financial burden that is associated with these events.  However, the deduction is not simply the value of the ruined or stolen property. 

Continue reading “Casualty Losses and Income Limitations” »