H.R.6999

Repeals the limitation on deductions for personal casualty losses and extends relief for theft losses involving fraud.

Repeals the limitation on deductions for personal casualty losses and extends the period of limitation for credit or refund claims for theft losses involving fraud, deceit, or misrepresentation. Extends the period of limitation for credit or refund claims for certain theft losses to one year after the taxpayer discovers the loss. Effective for losses sustained in taxable years beginning after December 31, 2025.