Skip links

Tax and Financial Aspects of Casualty and Disaster Losses under the Tax Cuts and Jobs Act

By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta
CPA Journal
October 2018 Issue

Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and flooding may immediately come to mind, but losses may also result from theft, vandalism, and even terrorist action. Losses sustained by nonbusiness taxpayers after 2017 are subject to new rules under the Tax Cuts and Jobs Act of 2017 (TCJA), discussed in further detail below. When evaluating the potential for new losses, current casualty loss insurance coverage may not be adequate.


Published with permission from the CPA Journal.

Click here for the full article.