Form 4684 allows individuals, businesses and estates to claim deductions against any unexpected losses due to theft or disasters. These deductions can help reduce taxable income, but they come with ...
A Dec. 20, 2017, article in The Advocate on IRS rules on flood losses states: “IRS rules generally require casualty losses to exceed 10 percent of a person’s taxable income before they can be written ...
Dear Tax Talk, We have some damage in our house that needs repair but is not covered by insurance. Can I recover that loss by claiming a loss on my taxes? The adjuster mentioned this may be possible.
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