Casualty Losses: Disaster Relief Act of 2024

Overview

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2024! Casualty provisions of the Act are retroactive to December 19, 2019 through early 2025. Both low and high income taxpayers may benefit from the Act through exclusions of payments received as compensation for wildfire damages - retroactive to 2014! This course will review the provisions of this new act.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

Basic working knowledge of individual and business taxation.

Objectives

After attending this presentation, you will be able to...

• Implement practical strategies based on a thorough understanding of the complex rules for casualty losses and casualty gains
• Identify and recall key compliance issues
• Identify and recall significant issues in the casualty loss tax form

Highlights

The major topics that will be covered in this course include:

• Federal Disaster Relief Act provisions enacted in December, 2024
• Comparison of personal use casualties with business/investment casualties
• When to claim casualty losses
• How to postpone casualty gains
• Business casualty gains and depreciation recapture