Taxpayers could lose out if these popular deductions disappear

Wealth


Under current rules, itemizers can take a deduction for losses related to the “damage, destruction or loss of your property from any sudden, unexpected or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption,” according to the IRS. This also includes theft losses. It covers your home, vehicle or possessions that were damaged or destroyed, but does not include losses covered by insurance.

Under tax reform, this would be eliminated — unless the loss is related to disaster-relief legislation passed after a particular event.

In 2015, according to IRS records, an estimated 72,323 taxpayers claimed a casualty or theft loss deduction, for a total of more than $1.6 billion.



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