The Law of Rebuilding LA Episode 11: Post-fire tax considerations you should know

In today's episode of The Law of Rebuilding LA, tax expert Robert Wood, a regular columnist for the Daily Journal, joins Contributing Editor Howard Miller to discuss the critical tax implications of insurance settlements following disasters.

Miller and Wood explore:

• The requirements for claiming casualty losses for destroyed property
• How federally declared disasters impact tax deduction eligibility
• Tax treatment of insurance proceeds as "sales proceeds" for capital gains purposes
• The difference between property basis and market value for tax calculations
• How homeowners can lawfully defer capital gains taxes using Section 1033
• The challenges of allocating value between land and structures for tax purposes
• Time limitations for rebuilding or reinvesting insurance proceeds

Stay tuned for tomorrow's episode, which will continue the exploration of tax issues.

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