We are all painfully aware of the wildfires that have ravaged the forests of the Pacific Northwest in the last few weeks and continue to burn throughout the region. You may even have friends, family or clients whose property was in the path of the fire. Here’s a short article to review as the smoke clears and the clean-up and rebuilding process begins. These 10 tips will help individuals assess how much they are eligible to deduct as a potential casualty loss on their tax return, helping offset the financial damages incurred. Connecting with a CPA to incorporate this event into year-end planning is crucial to ensure effective tax planning and cash flow management.
Perkins & Co would like to thank those who are tirelessly working to protect homes and lives throughout this fire season, and our thoughts go out to those who have lost their homes in this disaster.
This blog post is a summary and is not intended as tax or legal advice. You should consult with your tax advisor to obtain specific advice with respect to your fact pattern.