Liz Weston: Can wildfire losses, not covered by insurance, be deducted on taxes?

Published on: 10/05/2025

This news was posted by Oregon Today News

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For personal use property, the deductible loss is the lesser of the adjusted basis of the property (typically its cost) or the decrease in the fair market value of the property as a result of the casualty. Getty Images

Dear Liz: My home in Pacific Palisades is still standing after January’s fire, but was damaged by smoke and ash.

News Source : https://www.oregonlive.com/business/2025/10/liz-weston-can-wildfire-losses-not-covered-by-insurance-be-deducted-on-taxes.html

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