FYI: THE TAX LAWS SEVERELY RESTRICT deductions for losses claimed by individuals whose homes, household goods and other properties suffer damage or are destroyed due to events that, in IRS lingo, are “sudden, unexpected, or unusual.”
In many cases, the allowable write-offs turn out to be shockingly smaller than anticipated. Furthermore, those with high incomes and low losses will find they can’t claim any deductions. What follows are answers to some often-asked questions.
Regards,
Ted
http://www.humbledollar.com/2017/12/salt-in-the-wound/
