{"id":4716,"date":"2019-05-22T00:00:00","date_gmt":"2019-05-22T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/the-casualty-loss-problem\/"},"modified":"2022-02-07T12:22:29","modified_gmt":"2022-02-07T16:22:29","slug":"the-casualty-loss-problem","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2019\/05\/22\/the-casualty-loss-problem\/","title":{"rendered":"The Casualty Loss Problem"},"content":{"rendered":"\n
Tax laws severely limit who can deduct losses on their tax return caused by a catastrophic event. Now unless a loss is in a presidentially declared disaster area, victims are on their own to pick up the pieces. This is creating problems for those on the fringe of a major disaster and those who have a local casualty loss like a local flood or fire.<\/p>\n\n\n\n
With tax savings no longer available to help cover some of the damages, victims need to find relief in other areas. Here are some ways that you can help fill this void:<\/p>\n\n\n\n
Opportunists and scammers come from every direction when losses occur. Their goal is to exploit the victim’s suffering and inexperience with the situation to benefit themselves. Fraudsters may set up fake charity funds or pose as inspectors, building contractors or even government agents. With so many things to handle and emotions to process, the victim may be too overwhelmed to see through a scam. Here is where you can help. Take a skeptical approach to anyone soliciting business from the disaster and don’t trust anyone who asks for money.<\/p>\n\n\n\n
Thankfully, victims living in presidentially-declared disaster areas can still deduct casualty losses on their taxes, but people suffering localized losses cannot. Any assistance you can provide will help ease their suffering during a difficult time.<\/p>\n","protected":false},"excerpt":{"rendered":"
What you can do to help<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[35],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4716"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4716"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4716\/revisions"}],"predecessor-version":[{"id":5278,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4716\/revisions\/5278"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}