Tax
Jul. 17, 2019
Victims of California wildfires have complex tax issues to consider
Are they repairing or rebuilding their property, or selling and moving away, and what does their insurance cover? Another big variable is whether they sue PG&E and may eventually recover. It can all build out a complex tax picture.
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.
How fire victims are taxed depends on their circumstances, what they ultimately collect, and what they claim on their taxes. Are they repairing or rebuilding their property, or selling and moving away, and what does their insurance cover? Another big variable is whether they sue PG&E and may eventually recover. It can all build out a complex tax picture.
The IRS (and California's notoriously tough Franchise Tax Board) require an...
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