Casualty losses are often challenged by the IRS, as they meet the “large, unusual, or questionable” (“LUQ”) standard for pulling returns for audit. On audit, the IRS insists on an appraisal from a third party that shows the difference in fair market value before and after the casualty event. Even if an appraisal is provided…
The post An Appraisal is Not Always Needed for a Casualty Loss Deduction appeared first on Houston Tax Attorneys | Mitchell Tax Law.
