The Accounting Office, Inc.’s Post

Many Americans have experienced natural disasters in 2024, leading to “personal casualty losses” if your home or property is damaged. You can only deduct these losses if you itemize on your tax return and the loss results from a federally declared disaster. However, there is an exception: if you have personal casualty gains (insurance proceeds exceed the tax basis), you can deduct non-federally declared disaster losses up to the amount of your gains. 🍃 #Bookkeeping #Payroll #TaxPrep #Accounting #TheCorpOffice #CFO

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