How to treat business-related losses in tax deductions

Damage from Hurricane Michael in southwest Georgia. (Photo: Bill Custer)

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Editor’s Note: Under the 2017 Tax Act, individuals are no longer entitled to deduct casualty and theft loss expenses as itemized deductions for 2018-2025 (when those losses are not related to property used in a trade or business).  An exception exists for losses that occur in federally declared disaster areas.