Santa Rosa Fires and your taxes

We’ve had a few people call today to tell us the awful news about losing their homes.  We are so very sorry for everyone who has lost something in this disaster.  A few clients have asked us what the loss means on their taxes.  As of the writing of this post, Governor Brown has declared a California State of Emergency and President Trump has approved California’s disaster declaration. Generally, taxpayers may deduct a disaster loss on their tax return.  We will be working closely with our clients to be sure they are getting all the relief they can from the IRS and the FTB.

The IRS web page for general disaster assistance is HERE

The Franchise Tax Board (California) web page for general disaster assistance is HERE

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