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On Dec. 4 the Senate finally passed, without objection and by voice vote, the Federal Disaster Tax Relief Act (H.R. 5863), which had passed the House of Representatives last May by a vote of 382-7. The legislation was signed into law by President Biden on Dec. 12.
The legislation extended the applicability of a since lapsed 2020 law which, in the case of a qualified disaster as declared by the president, permits taxpayers to deduct any casualty losses in excess of $500 rather than being limited only to losses that exceed 10% of adjusted gross income.
Learn more at gsacnaples.org.
– Jim Melican, Gulf Shore Association of Condominiums