If I am victim of a burglary can I claim a casualty loss deduction on my income tax return under the new tax plan?
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John Dundon, II EA
The Tax Cut and Jobs Act dramatically changed IRC 165 IMHO impacting the ability to deduct casualty and theft losses from an income tax return by adding a significant new criteria. The general rule of thumb is now the deduction is only allowed for losses associated with federal declared disaster areas. This post might be worth checking out for more details. www.johnrdundon.com/irs-form-4684-reporting-casualties-and-theft-losses/
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322 weeks ago