Unrestricted deductions related to natural disasters
As we all know, 2017 was a pretty dark year when it came to natural disasters – especially in America. From hurricanes to wildfires and floods, we seem to have had it all. Up until now, every citizen impacted by a natural disaster could deduct at least partially certain losses. More precisely, if a family’s home suffered from damage that couldn’t be covered by their insurance of any other relief program.
Starting 2018, though, things will change, as in not every taxpayer will have access to deduction related to natural disasters. Starting now, designations will be made on a county-by-county basis. After Hurricane Harvey, for instance, the Texan Bexar County was part of the disaster declaration, but its southern neighbor, Wilson county, didn’t get the same designation.
