Practical Tax Issues: Maui Fires, Volcanic Eruptions, Hurricanes

Description

This program will concentrate on the income tax consequences of the 2023 fires, with information for other recent and ongoing involuntary conversations and casualty losses. It will cover the most common tax issues facing those who experienced these situations in a clear and accessible way.

Topics will include:

• tax treatment of destroyed real property, with and without insurance reimbursement;
• personal property losses, reimbursed and unreimbursed;
• environmental remediation and cleanup costs;
• living expenses such as meals and lodging;
• diminution of real property value due to the impacts of the event;
• sales of residential, commercial, and rental property;
• replacement of property rules;
• time period in which to replace the property;
• the process of applying for an extension of the replacement period;
• the legal requirement to report, annually, the status of the ongoing recovery/replacement process; and
• the impact and expiration of HR 5863 passed in December 2024 and expiring - as currently stated - December 2025

Designed For

For tax practitioners and those affected by natural disasters