A loss deduction may be allowed for a loss to your real estate investment property or for a loss on your home resulting from a fire, storm, theft, and so forth. Certain disaster losses may be deducted in the year before they actually occurred. New rules ease the requirements for reinvesting insurance proceeds received as a result of a casualty.
Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.