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Congress may limit disaster deduction in tax overhaul

Congress is planning to limit taxpayers’ ability to write off losses from wildfires and other disasters. The disaster write-off is one of the many little-known deductions that would be mostly wiped out in the Republican tax plan, but it’s getting new attention because of the fires that have recently devastated Wine Country and are now burning in Southern California. The House tax bill would entirely eliminate the deduction that allows people to claim uninsured losses after all types of disasters. The Senate version would allow deductions only if the president declares a federal disaster.

Article by By Sarah D. Wire (c) Page One News - Read full story here.