Houston Tax Attorney
Hurricane Harvey & IRS Casualty Loss Deduction
As Houston recovers from what some consider to be a 1 in 1,000 year event, only 15% of Houston residents are protected by flood insurance. Undoubtedly, there will be massive personal and business losses. A casualty loss deduction on your tax return can help offset some the cost of repairs. The first few weeks after a natural disaster are very important in properly documenting a casualty loss claim and here are some important things you need to know for tax purposes.