Tax
Feb. 14, 2024
Senate could keep fire victims from getting burned – twice
The Tax Relief for American Families and Workers Act of 2024 includes a provision that would exclude from federal income tax any compensation received for losses, expenses, or damages related to a qualified wildfire disaster.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Alex Z. Brown
Attorney
Wood LLP
The last decade has seen large and destructive wildfires in California. There have been wildfires in other states too: Washington, Kansas, Oklahoma, Tennessee, Montana, Arizona, Wyoming, Oregon, New Mexico, and Virginia, and of course the catastrophic fire in Maui. With loss of life and property, taxes should be far down the list of worries. Yet, on top of all the other miseries of a wildfire, taxes have emerged as an unpleasant “gotcha” for many fire victims.
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