known as a casualty loss, on your tax return. A casualty loss is the result of any property damage that is sudden, unusual or unexpected. A loss from a hurricane, earthquake or tornado would ...

For example, if you accumulate $5,000 of losses in one year, you can claim a maximum of $3,000 in the current year’s tax return and the remaining $2,000 in the next year’s tax return.

Another helpful rule allows taxpayers who suffered losses from a federally declared disaster to amend their previous year's return and deduct ... The IRS also extended tax filing deadlines for ...

the federal tax code imposes deductibles to lessen the tax relief resulting from a fire. You reduce your total loss per fire or other event by $100, then subtract all of your losses for the year ...

You can use capital losses to offset capital gains during a tax year, allowing you to remove some income from your tax return. You can use a capital loss to offset ordinary income up to $3,000 per ...

This means that, if there was taxable income in either of the past two years, the returns can be amended and the loss netted against the income, resulting in a tax refund. If there was no taxable ...

It's never fun to lose money on an investment, but declaring a capital loss on your tax return can be an effective consolation prize in many cases. That's because capital losses can be applied ...