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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
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With the hurricane and wildfire seasons upon us, coupled with the risk of tornadoes and flooding, now’s a good time to understand how casualty and disaster losses impact your taxes.
Generally, casualty losses are an itemized deduction, so the amount of your loss must be more than 10% of your adjusted gross income. However, there are some exceptions.
The amount you can deduct is the lesser of the property’s adjusted basis or the decrease in the market value due to the casualty. There are different rules for an income-producing property (e.g., rental homes). But if your insurance company reimburses you for losses, you’ll have to reduce your tax loss by the proceeds you receive.
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