Nov. 22, 2012
Superstorm Sandy and other losses you can't deduct
Tax lawyers and accountants like to plan efficiently and to save clients money. But the tax treatment of casualty losses involves damage control.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Tax lawyers and accountants like to plan efficiently and to save clients money. But the tax treatment of casualty losses involves damage control. The loss has occurred and you must deal with it. The only question is how much it costs, and that's where taxes come into play.
If you can deduct a loss, the government picks up part of its cost. Usually, though, casualty loss deductions sound better than they actually are. First, let'...
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