Favorable prospects for tax relief for casualty losses attributable to Hurricane Ian

On Jan. 31, the U.S. House of Representatives, in a now atypical bipartisan vote, passed the Tax Relief for American Families and Workers Act of 2024. Although this legislation (H.R. 7024) dealt largely with the child tax credit, buried in its 84 pages is an eight-line provision titled the Federal Disaster Tax Relief Act of 2024 (section 402).

For taxpayers affected by Hurricane Ian, that provision would eliminate the requirement that their casualty losses (including special assessments for condo owners) must exceed 10 percent of their adjusted gross income (AGI) to qualify for the tax deduction.

Read more: GSACNaples.org.

– Jim Melican, Gulf Shore Association of Condominiums