About that tax bill: CA version

[transporter]

"Make America Great Again"

For whom???? Here's another one of those neat little caveats in a bill that passed in the dark of night. A bill that was passed because Republicans "have to do something"

If you lose your home or personal property in a natural disaster such as a wildfire or earthquake, or suffer theft, accident or vandalism, you won’t be able to deduct those property losses off your taxes after December. That’s because both the Senate and House versions of the Republicans’ tax bill eliminates these tax breaks.

The bill grandfathers in flood victims from this year’s devastating hurricanes that struck Texas and Florida, but the House Ways and Means Committee chairman specifically rejected a request from California legislators to add in protections for the California wildfire victims, who now must complete damage assessment in the next three weeks before year’s end – a nearly impossible task—if they wish to claim the deduction before it expires.

http://www.eastcountymagazine.org/b...akes-away-deductions-personal-casualty-losses

Trump get his tax break and keeps his golf course deduction....the donor class gets repaid for all their contributions...and the people Trump speechifies that is helping get shafted (again)....what a guy!!!

 

[vraiblonde]

If you lose your home or personal property in a natural disaster such as a wildfire or earthquake, or suffer theft, accident or vandalism, you won’t be able to deduct those property losses off your taxes after December.

I was unaware you ever could deduct that stuff. Typically you get reimbursed by insurance, so why would you also be able to deduct it from your taxes?

 

[b23hqb]

It is, after all, California, the Sanctuary State. Those citizens should be able to deduct such losses from their California state income tax, eh?

 

[Ken King]

I was unaware you ever could deduct that stuff. Typically you get reimbursed by insurance, so why would you also be able to deduct it from your taxes?

You can't if you get reimbursed -

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return. You may not deduct casualty and theft losses covered by insurance, unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.

 

[Rommey]

Trump...keeps his golf course deduction.

What deduction would that be?

a bill that passed in the dark of night.

..and the people Trump speechifies that is helping get shafted (again)

The Senate bill keeps the deduction but the House bill doesn't (but of course someone of your limited intelligence wouldn't understand that the Senate and the House each pass a bill and then they reconcile the two).

Besides how many times after a disaster has the Federal Government passed a relief bill for those affected? That practice likely won't end anytime soon.