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J.K. Lasser's 1001 Deductions and Tax Breaks 2018 by Barbara Weltman

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CHAPTER 13 Insurance and Catastrophes

 

No one likes to think about bad things happening, but happen they do, as seen in severe winter storms in Oklahoma and Oregon, spring floods in Arkansas and Missouri, flooding, landslides, and mudslides in West Virginia, and of course, Hurricanes Harvey and Irma. Natural disasters, accidents, illnesses, and now terrorist activities, such as the Pulse nightclub incident in Orlando, Florida, and war all present serious personal and financial threats that can become reality. When faced with such catastrophes, insurance may carry you just so far, with economic losses outstripping your insurance recoveries. But you may be able to mitigate your financial losses with certain tax write-offs.

This chapter explains the tax rules related to insurance and catastrophes. Mortgage insurance is covered in Chapter 4. Losses to your bank deposits are discussed in Chapter 8. For more information, ...

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