Ask the Expert: Sandy deductions, Part 1
Please explain the federal tax deduction for nonreimbursed superstorm Sandy losses.
The answer is too complex to address in one column, so here's the first of two parts. The second part will appear next week.
Brace yourself for disappointment. Your casualty loss for Sandy-related damage can't exceed the cost basis for your house -- i.e., the amount you paid for it, plus past capital...