The Brief
- Victims of Hurricanes Helene and Milton can claim disaster losses without the old 10% income rule.
- The State and Local Tax (SALT) deduction cap has been raised to $40,000.
- Taxpayers can legally estimate their state sales tax using an IRS calculator instead of saving receipts.
TAMPA, Fla. – Bay Area homeowners dealing with lingering storm damage or high property tax bills have some federal relief available.
The backstory:
If your home or property was damaged by Hurricanes Helene or Milton, you can claim disaster-related losses without itemizing your deductions.
Crucially, the government waived the old rule that your loss had to exceed 10% of your adjusted gross income.…