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February 10, 2022
Question

Any deductions for a $40,000 loss of household due to fire?

  • February 10, 2022
  • 2 replies
  • 0 views
All of our stuff was stored at a facility that suffered from arson and was declared a total loss by the fire department, and we lost around 40k worth of items

2 replies

Employee
February 10, 2022

No insurance?

rjs
Employee
February 10, 2022

Under the new tax law that was passed in 2017, for 2018 through 2025 there is no deduction a casualty loss except for a federally declared disaster.