Flood Victims Can Take a Casualty Loss on 2019 Taxes
Severe storms that hit Ohio May 27-29 caused collateral damage throughout the state, including high water and flash flooding in the Mahoning Valley, particularly in Boardman and Canfield along U.S. Route 224, and even into Poland.
Parts of those areas were submerged in water, causing damage to homes and businesses. In June, Gov. Mike DeWine requested Mahoning County be added to the Presidential Disaster Declaration that provides aid to 10 other counties – a request that was approved in July, identifying the area as a federal disaster area.
So, what does this mean for taxpayers? Michael Metzinger, CPA and manager at HBK CPAs & Consultants, says the Tax Cuts and Jobs Act of 2017 gives taxpayers an opportunity to take casualty losses on their tax returns, provided they live in the designated area.
“When President Trump listed the 11 counties in Ohio in his declaration, which included Mahoning County, it gave taxpayers the opportunity to at least explore having a casualty loss on their 2019 tax return,” Metzinger says.
In this installment of Expertise Coordinated, Metzinger explains what this means for individuals, businesses and nonprofits in Mahoning County applying for assistance.
HBK is a multidisciplinary financial services firm, offering the collective intelligence of hundreds of professionals committed to delivering exceptional client service across a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services from 16 offices in Pennsylvania, Ohio, New Jersey, New York and Florida. To contact an HBK advisor click here.
Copyright 2019 The Business Journal, Youngstown, Ohio.
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