An overturned car sits amidst debris from houses destroyed during Hurricane Sandy in Union Beach, New Jersey, U.S. on Saturday, Nov. 3, 2012. (Photo: Victor J. Blue/Bloomberg) An overturned car sits amidst debris from houses destroyed during Hurricane Sandy in Union Beach, New Jersey, U.S. on Saturday, Nov. 3, 2012. (Photo: Victor J. Blue/Bloomberg)

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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.

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