Tuesday, 18 September 2018

How to apply casualty loss tax deductions in the wake of disaster

I'm San Francisco tax attorney Steve Moskowitz, and I'm here to tell you about the special benefits available to the victims of the California wildfires. The government has declared the area a disaster area, which means you can deduct this as a casualty loss on your return. Anything that's not reimbursed by insurance and instead of the normal treatment in the current year, you can go back and amend the previous year 2016 to get your money right away. And lastly, the return itself, if you mark it as a disaster area return, the government will give it special processing to get you back the money even quicker. That's the whole idea; to put cash in your hand right now.