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Silver Tax Lining in New Casualty Loss Rules

by Ken Berry | Feb 10, 2019   ()

Was your personal property damaged in 2018 due to a catastrophic event? Was any of it stolen or vandalized last year? If so, you may not be able to salvage any relief on your 2018 tax return. The reason: The new Tax Cuts and Jobs Act (TCJA) generally suspends the itemized deduction for casualty and theft losses for 2018 through 2025.
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Source: Accounting Web
Source: Accounting Web

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