Major storms and hurricanes recently have caused massive destruction across broad areas of the United States.
Many who live and work in the affected areas have suffered significant losses as a result. When such disasters occur, there are tax provisions available that can provide some relief for losses to property.
Congress last week passed disaster-relief legislation that includes special casualty loss provisions for individuals affected by the hurricanes. This report has been updated to reflect provisions in the new legislation.
Read an October 2017 report [PDF 105 KB] that focuses on the casualty loss provisions available to individual taxpayers, as prepared by KPMG LLP: What’s News in Tax: Taking Some Sting out of the Loss: Casualty Loss Deductions on Individual Income Tax Returns
For more information concerning tax relief for disaster recovery efforts, visit KPMG's dedicated webpage.
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