02/05/2024
Tax Tip:
RE: disaster-related expenses.
If your insurance doesn’t cover damage from the recent storms, make sure to keep a record of how much you spent for the repairs.
Right now, CA is in a state of emergency, which could qualify CA taxpayers to write off these expenses on their state tax return.
Also, if the President declares a state of emergency too, you might also qualify for the tax deduction on your federal tax return.
Check with your tax professional for specific scenarios.
WHAT YOU NEED TO KNOW: Governor Newsom proclaimed a state of emergency for several counties in Southern California to support storm response and recovery efforts. SACRAMENTO – Today…