If it was commercial property, you would need to factor in depreciation (and depreciation recapture). "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? We just wanted to go home," Coronado continued. In addition to Camp Fire victims, the fund will also send out payments to the 2015 Butte Fire and 2017 North Bay fires victims. It gets even worse if insurance wont cover your losses. According to claims data as of September 30th from the Fire Victim Trust, nearly half of the close to 70-thousand claimants are still waiting to receive a 45% partial payment from the trust. In some instances, Deutsche Bank made payments to BDCs that were not supported by invoices or evidence of any services provided. "It's great if we ever get it . California firefighters battled gusty winds Wednesday to keep a raging wildfire out of the resort town South Lake Tahoe as evacuation orders spread into Nevada. The department reached this resolution with Deutsche Bank based on a number of factors, including the Companys failure to voluntarily disclose the conduct to the department and the nature and seriousness of the offense, which included corrupt payments, willful violations of the FCPA accounting provisions, and commodities trading violations in three countries. "Californians need clear, direct, and personalized guidance and I look forward to continuing to work with our partners at the IRS to help address this complicated issue for our constituents.". A tax professional can assist you with determining if your loss is a casualty loss or qualified disaster loss. If you are selling a primary residence and qualify, the first $500,000 in gain for a married couple filing jointly should be free of tax. On June 28th, the Commissioner of the IRS responded to a request by Congressman Mike Thompson and Congressman Doug LaMalfa requesting guidance on the taxability of the settlement funds received from the Fire Victims Trust (FVT). The company filed for Chapter 11 and last year emerged from bankruptcy, setting up a multi-billion dollar fire victim trust for survivors. Additionally, the guidance states settlement money used to reimburse or pay for reasonable and necessary personal, family, living, or funeral expenses that occurred due to a loss in a federally declared disaster, are exempt from federal taxes. Wildfire Settlements Are Now Tax Free In California & Taxed By IRS - Forbes