Casualty loss deductions, hurricane-related damage | KPMG | GLOBAL

KPMG report: Casualty loss deductions, hurricane-related damage

Casualty loss deductions, hurricane-related damage

The recent devastation resulting from Hurricanes Harvey and Irma underscores the importance of understanding how and when companies experiencing casualty losses can claim federal income tax deductions for those losses.

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Under the basic principles of the Code’s casualty loss provisions, the measures apply somewhat differently to property used in a trade or business or held for investment as compared with property used for personal purposes. This report focuses on business or investment property that has been damaged in a casualty such as Hurricane Harvey or Irma. 

 

Read a September 2017 report [PDF 114 KB] prepared by KPMG LLP: What’s News in Tax: Hurricanes Harvey and Irma: Casualty Loss Deductions

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