ACPEN: Federal Disasters - How to Deduct Personal Casualty Losses

Overview

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2023 and OBBBA of 2025. Casualty provisions are retroactive to December 19, 2019 through late 2025. Both low and high-income taxpayers may benefit from RETROACTIVE AND CURRENT deductions. There are also exclusions of payments received as compensation for wildfire damages — retroactive to 2014! This course will review these provisions which can bring substantial tax savings to clients.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com

Highlights

• Federal Disaster Relief Act provisions enacted in December, 2024 and July, 2025
• Comparison of personal use casualties with business/investment casualties
• When to claim casualty losses
• How to postpone casualty gains
• Filled-in forms examples
• Time limits for amended returns 

Prerequisites

Basic working knowledge of individual and business taxation

Designed For

CPAs and members in industry seeking an in-depth review of casualty loss reporting

Objectives

• Implement practical strategies based on a thorough understanding of the complex rules for casualty losses and casualty gains
• Identify and recall key compliance issues
• Identify and recall significant issues in the casualty loss tax form

Preparation

None