Tax Treatment of Casualty Losses and Casualty Gains from Hurricanes Ian, Fiona by Arthur J. Lieberman
Posted on November 02, 2022 by Art Lieberman
Taxpayers are often unaware of how the tax code treats property damage and losses they sustain from natural disasters, such as the recent hurricanes across Florida, the Carolinas and Puerto Rico. Many taxpayers are also surprised to learn that when insurance proceeds or other recoveries exceed the tax basis of damaged property, they may incur a taxable […]