Damage from natural disasters, fire, accidents, thefts or vandalism is often tax-deductible if the loss is major and not covered by insurance or other reimbursements. If your area receives a federal disaster designation, you may be able to claim the loss sooner. If you suffer damage to your home or personal property, follow these IRS-provided tips to help you determine what events get you a tax break:
Those pictures you see from Hurricanes Harvey and Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety.
It also makes us all think: What would I do if such a natural disaster were to strike my home or business? What follows are the resources available, especially if you are in Texas or Florida. Even if you're not in this area, you may have friends and family who are, so be sure to share this with them.
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