Hurricanes, wildfires, tornadoes, floods, earthquakes, winter storms, and other events often cause widespread damage to homes and other types of property. If you've suffered property loss as the result of a natural or man-made disaster in 2017, you may be able to claim a casualty loss deduction on your federal income tax return.
What is a casualty loss?
Many market shocks are short-lived once investors conclude the event is unlikely to cause lasting economic damage. Still, major market downturns such as the 2000 dot-com bust and the 2008-09 credit crisis are powerful reminders that we cannot control or predict exactly how, where, or when precarious situations will arise.
January 16, 2018-U.S. equity momentum accelerated to new heights entering 2018, with the S&P 500 posting new record-setting highs during eight of the first nine trading days of the year. Quite significantly, the S&P 500 broke its 200-day trend line average by over 11%-a velocity not seen since 2013, which was the best year for stocks in a generation.