Due to the ongoing situation with Covid-19, we are offering 3 months free on the agent monthly membership with coupon code: COVID-19A
With an RE Technology membership you'll be able to view as many articles as you like, from any device that has a valid web browser.
Purchase AccountRE Technology lets you freely read 5 pieces of content a Month. If you don't want to purchase an account then you'll be able to read new content again once next month rolls around. In the meantime feel free to continue looking around at what type of content we do publish, you'll be able sign up at any time if you later decide you want to be a member.
Browse the siteNovember 21 2017
Editor's note: Between hurricanes and wildfires, 2017 was rife with property-damaging natural disasters. The article below offers helpful information that you can share with clients on how to deduct losses after a natural disaster strikes.
Unfortunately, disasters happen. We've seen how devastating these can be. One slightly bright spot is you may deduct losses at tax time. Here's how to deduct losses after a disaster.
If a fire, earthquake, storm, floods, terrorism, or similar disaster damages your property, you may have undergone a casualty loss. You may deduct that on your tax return as an itemized deduction.
Casualty losses are damage to property caused by a disaster. The casualty loss must involve some external force. You get no deduction if you simply lose or misplace property. Nor do you get one if something wears down over time.
You get no deduction if insurance fully covers the loss.