Skip to content
Tax Tips 0:59 Audio disclaimer

From the archive: tax rules, deadlines, and show schedules reflect the original recording and may have changed.

Dr. Friday Tax Tips - One Minute Moment

Understanding Casualty Losses for Tax Deductions

0:00 00:59

Casualty loss deductions have changed significantly over the years. Previously, if your insurance didn’t fully cover a fire or other loss, you could deduct the remaining amount on your taxes. However, under current tax law, you can only claim casualty losses if they are related to a federally declared natural disaster. If you’ve been affected by a qualifying disaster, be sure to review your casualty loss eligibility, as it could mean tax savings for you. Need assistance? Contact Dr. Friday at 615-367-0819.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Casualty loss has changed a lot over the last few years. It used to be that if you had a fire in your house and your insurance company didn’t cover the full amount, you could write off the losses on your taxes. However, under current tax law, that is no longer allowed—unless the loss is due to a federally declared natural disaster. There are a few on record, so if you’ve been affected by storms or other disasters, be sure to check your eligibility for a tax deduction. You could be entitled to some tax savings.

If you need help understanding this, just call my office at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Ask Dr. Friday

Have a tax question of your own?

Send it in. Questions may be answered on an upcoming episode or video, first name only.

Send Dr. Friday a message

Tell us a little about what you need and we will get back to you quickly.

Book Dr. Friday for your event

Share the date, audience, and topic you have in mind. We will respond as quickly as possible.

Please give us as many details as possible about your event, and any questions that you may have for Dr. Friday. We will respond as quickly as possible. Thank you!

Try “IRS letter”, “1099”, “home office”, or “bookkeeping”.