LAST CHANCE: More Than $560 billion in 2016 Casualty Loss Deductions

Filed in Accounting, Business, Business tax practice, Tax, Savings by on November 14, 2017 0 Comments

This may be your last chance for your share of more than $560 billion in 2016 casualty loss deductions (see below). You can legally claim these 2017 casualty losses on your original or amended 2016 tax return. Under the latest 2017 tax reform bill, most 2017 rates will go down. However, there will be few personal deductions and no 2017 personal casualty losses. Therefore, this may be your last chance to claim your share of your of more than $560 billion in 2017 casualty losses on your 2016 return.

Actually, few realize that your GIANT 2016 IRS Casualty Loss deductions almost always will be far larger than your share of these record setting FEMA 2017 casualty losses:

  1. Hurricane Harvey
  2. Hurricane Irma
  3. Hurricane Maria
  4. Hurricane Nate 
  5. California wildfires
    • Jill Disis (October 11, 2017) “Wildfire property damage… ($65 billion).”

NOAA actually already has 15 2017 natural disasters of more than $1 billion each, so there are much more than $560 billion in FEMA casualty losses. That is why I will soon discuss

Your GIANT 2016 IRS Casualty Loss deductions.

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