With President Biden issuing a Federal disaster declaration for the Western New York Area this has opened up an opportunity for individuals who are not made whole by their insurance companies from damages caused by the Blizzard of 2022 to declare a casualty loss on their 2022 tax returns. This could potentially give the taxpayer a deduction equal to the amount insurance did not cover.

Taxpayers should prepare by taking pictures of the damage and keeping all correspondence they receive from their insurance companies

If you require any further information, you may call me, Esther Gulyas, E.A. AT 716 472 7444. OR Chris Fabian at 716-472-5894
EMAIL EGTAX@HOTMAIL.COM. (I am a Florida resident living on Marco Island)

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