Tag: casualty loss
Casualty and Theft Loss Tax Deduction: What Still Qualifies in 2025
Losing property to a fire, storm, or theft is stressful enough without discovering that the tax deduction you remember from years ago has gotten much narrower. Current law limits casualty and theft loss deductions significantly compared to before 2018, but the deduction hasn’t disappeared entirely. The Federally Declared Disaster Requirement Under current rules, personal casualty…