Come Hell or High Water – New Disaster Tax Relief Provisions

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By now, most Americans have heard of the devastating wildfires that have destroyed property and claimed lives in California.  What many are not aware of is the fact that President Trump recently signed into law the Bipartisan Budget Act of 2018, which among other things was designed to help Californians hardest hit by fire damage.  Normally a personal casualty loss incurred by wildfire is an itemized deduction.  Under the new Act, qualified losses are now deductible as well.