News

News

Casualty Losses

Thursday, June 18, 2015
Throughout the early Spring, the ArkLaTex experienced cool weather and a lack of storm surges, specifically tornadoes. More recently, the weather patterns across the globe have become severe. Tornadoes have struck the area causing major damage and destruction to businesses and homes. In their aftermath, they left behind downed power lines and fences, uprooted trees and sidewalks, smashed vehicles, flooding, and many homes and businesses without power for days. The process of getting back to normal takes awhile, and the expenses incurred to restore homes and businesses can add up quickly. Many homeowners and business owners may be wondering what the exact rules are for deducting casualty losses as a result of these disasters. Disaster can strike at any time; therefore, it is important to understand the rules and calculations regarding casualty losses.
 Read more...