Casualty Losses As a Result of Fire or Other Casualty Events1
Your timberland has just experienced damage from a wildfire. What must you do now, to be able to claim a potential loss on your Federal and state tax returns?
What is a casualty loss? A casualty loss for individuals is defined in Section § 165(c) of the Internal Revenue Code (IRC) as follows: In the case of an individual, the deduction under subsection (a) shall be limited to (1) losses incurred in a trade or business; losses incurred in any transaction entered into for profit, though not connected with a trade or business; and . . . losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm . . . or from theft.
View the presenter videos from an October 2022 workshop held in Eureka focused on state and federal grant-funded projects for fuels management for small landowners.
With about three months left in the first year of the 2023-24 legislative session, the Legislature continues to debate hundreds of bills with many of them moving over to the second house. Of the 2,600 bills that were introduced earlier in the year, hundreds have been put on hold but there remains about 1,000 bills that are still alive as they survived the June 2 house of origin deadline. These bills will now be scrutinized with additional analysis as the Legislature approaches a July 14 deadline to move bills out of second-house policy committees in the Senate and Assembly Floors, and ultimately a September 14 deadline for all bills to pass the Legislature for Governor Newsom’s consideration. Below are some of the key forestry and wildfire-related bills FLC is monitoring with recommended positions.
As we ease out of the pandemic, we are supporting our staff teams to work in the office and remotely. We do not have access to live telephone answering. The best way in which to reach us is by email. Email us at info@forestlandowners.org. We will respond to messages in the order they are received within 48 hours. We thank you in advance for your continued patience as we navigate this situation. The voice mail is checked daily, and you may leave us a detailed message with your telephone number and/or email information at (877) 326-3778.
Thought we were safe
THE PRESS DEMOCRAT
Jim Doerksen passed the first night of the Glass fire watching anxiously as the blaze burned to the east of his longtime St. Helena Road home, turning the sky an unsettling, deep red as the wildfire crossed the Mayacamas Mountains on its march toward east Santa Rosa and Highway 12.
The fire was close but moving south and southwest, on a path away from the refuge on Mark West Creek that Doerksen and his wife, Betty, have shared for nearly 40 years. Their 120-acre property, now owned by LandPaths, is home to the nonprofit’s Owl Camp, attended each year by hundreds of school-age children who immerse themselves in the landscape Jim Doerksen, 81, has stewarded since 1967.
