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David Brunori quoted in article “How the New Tax Law Could Slow Disaster Recovery in Small Towns”

Governing

Below is an excerpt:

“I think the impact is going to be minimal. You still have people qualifying in presidential disaster zones, and the deduction was already pretty limited to begin with,” says David Brunori, a tax lawyer at Quarles & Brady. [sic]

Brunori points out that even in the old tax code, you could only deduct if your losses were 10 percent or more of your adjusted gross income, and you had to subtract any insurance reimbursement you received.

“That’s a big one because most people have insurance. If you have something really valuable, you probably have it insured,” he says.

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