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LA Fires
Mar. 10, 2025
The Law of Rebuilding LA Episode 14: Understanding the Federal Disaster Relief Act
Tax expert Robert Wood explains the 2023 Federal Disaster Relief Act's impact on taxation of wildfire recoveries, addressing ambiguities around insurance proceeds and the law's 2025 sunset provision.
In today's episode of The Law of Rebuilding LA, Daily Journal Contributing Editor Howard Miller continues his conversation with tax expert Robert Wood, discussing the significant federal tax implications for wildfire victims.
Miller and Wood cover:
- The Federal Disaster Relief Act of 2023 and its sweeping tax exclusions
- Ambiguity regarding whether insurance proceeds qualify for tax exemption
- Differences between federal and California state tax treatment
- Potential for amended returns to recover previously paid taxes
Missed an episode of The Law of Rebuilding LA? Catch up here.
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