Previous to tax reform, you have been capable of deduct most losses for uninsured casualty, catastrophe and theft losses. Underneath tax reform provisions, deductions for casualty and theft losses have modified for tax years 2018 by 2025. When you suffered a casualty or theft loss because of an uncommon occasion like a flood, hearth or another unexpected occasion, you may deduct the loss if the casualty is inside a federally declared catastrophe space or the theft occurred because of a federally declared catastrophe.
The IRS might present further particular tax provisions to assist recuperate financially from the influence of a catastrophe when the federal authorities declares a sure location to be a significant catastrophe space. Relying on the circumstances, reduction could also be further time to file returns and pay taxes.
In response to the devastating wildfires in Colorado, the IRS prolonged the deadline for wildfire  victims to file numerous particular person and enterprise tax returns and make sure tax funds till Might 16, 2022.
The IRS additionally introduced an extension of the 2021 tax return deadline for people and companies in Tennessee affected by extreme storms, straight-line winds and tornadoes starting December 10, 2021 now have till Might 16, 2022.