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Trump framework would cut post-disaster tax break; key Texas congressional ally wins expansion of same break

Source: - Oct 2, 2017

A key tax deduction that can quickly put cash in the hands of victims of floods, hurricanes and other major disasters may be on the chopping block under President Donald Trump and Republicans' tax reform plan unveiled last week, local tax experts said.

Known as the personal casualty loss deduction, it allows homeowners and some small businesses to count catastrophic losses that aren't reimbursed through insurance or grants against their tax liability, allowing them to get some money back during hard times.

"The casualty loss deduction, whether you have insurance or whether you don't have insurance, is part of the equation in recovery and in making people whole," said Gerard "Jerry" Schreiber Jr., of Schreiber & Schreiber CPAs in Metairie.


Category: General Business