Tax,
LA Fires
Jan. 24, 2025
Tax triage for LA fire victims
Navigating the tax implications of insurance proceeds after a wildfire can be complex, but there are mechanisms in place--like exclusions, deductions, and deferrals--that can help minimize the tax burden for homeowners, especially when considering future lawsuit recoveries and the new federal tax law.
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.
Alex Z. Brown
Partner, Wood LLP
If you have recently experienced the loss of your home, you have many issues to consider, and taxes are probably far down on the list. However, some fire victims may be receiving money soon from insurance companies, even if any eventual lawsuit recoveries from Edison or other defendants may be years away. Amounts received following a wildfire are not automatically tax-free, although there are mechanisms that can make them effectively tax-free in many cases.
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