Reinstates deduction for personal casualty losses and extends the time to file claims for refunds.
The Tax Relief for Victims of Crimes, Scams, and Disasters Act amends the Internal Revenue Code to reinstate the deduction for personal casualty losses as it was before the enactment of Public Law 115–97. This change applies to taxable years beginning after December 31, 2017. Additionally, it extends the period for filing claims for credit or refund for personal casualty loss deductions for taxpayers who filed returns before January 1, 2025.
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