Hurricanes Harvey and Irma have done their damage and more big storms may be on the way. Unfortunately, more than a few disasters occur almost every year in America. If you are unlucky enough to suffer a disaster-related loss, here’s what you need to know about the federal income tax implications.

Deductions for personal casualty losses

In theory, the federal income tax rules allow you to claim an itemized deduction for personal casualty losses that are not covered by insurance. A casualty loss occurs when the fair mar…
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