Lets people deduct personal losses from crimes, scams, and disasters on their federal income taxes.
This bill would let people deduct personal losses from things like theft, vandalism, or non-federal disasters on their taxes again. It would also give people more time to claim these deductions for past years, going back to 2018.
Today, you can generally only deduct personal casualty losses if they are from a federally declared disaster. After this bill, you could deduct losses from a wider range of events, including crimes, scams, and other disasters. These deductions would apply to tax years going back to 2018.
S 1773 · 119th Congress · May 15, 2025 · AI Summary by gemini-2.5-flash · 9/10
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5 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.