H.R. 5366
Extends tax deductions for disaster and wildfire losses
Keeps two federal tax breaks going longer: a deduction for unreimbursed disaster losses and a rule that wildfire relief payments are not counted as income.
- People can deduct unreimbursed personal losses from a declared major disaster that are more than $500 per event
- The disaster deduction covers disasters with incident periods starting from late 2019 through 2026
- Wildfire relief payments from fires declared disasters after 2014 and before 2027 can be left out of income
- That wildfire exclusion would apply no matter when the payments are received
Became law · Public Law 119-108