Tax,
LA Fires
Jun. 10, 2025
Rebuilding after wildfire means knowing the tax rules
Wildfire victims may be able to reduce, delay, or avoid paying taxes on insurance or settlement proceeds--especially if the fire is classified as a federally declared disaster, which unlocks key tax relief options like casualty loss deductions and Section 1033 deferrals.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If your home or property is destroyed or damaged in a
wildfire, you are likely to have surprisingly complex tax issues. If you
recover money from insurance or a lawsuit--or if you just claim a casualty loss
on your taxes, you need to be aware of some tax rules. Several key tax issues
and benefits hinge on whether your fire was a "federally declared disaster" for
tax purposes.
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