Source: Tax Cuts and Jobs Act (TCJA)

Starting in 2018, individual taxpayer casualty losses are no longer a FEDERAL deductible event UNLESS a Presidentially declared disaster.

CA: California does not conform to the TCJA.  Therefore a taxpayer suffering a casualty loss (e.g., fire, flood, mud slide, etc) may be able to claim a loss for CA income tax purposes even though not allowed on the federal return.

If you’ve suffered a casualty loss, please contact us so we can work through the numbers with you.