1. Deducting Disaster Losses on Your Tax Return

    Deducting Disaster Losses on Your Tax Return

    The new tax law changed the rules. Now you can take a casualty loss deduction only if your home is in a federally declared disaster area.  My house was damaged by Hurricane Florence, and I have a 2% deductible on my homeowners insurance, which is about $7,000. Will I be able to deduct the $7,000 on my tax return?

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    1. My county was hit hard and many people have lost everything, including their homes.
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