5 Overlooked Tax Deductions for Retirees That Could Save Them Money

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1. Casualty and Theft Losses

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Many taxpayers are unaware that they can gain deductions in case they face natural disasters and catastrophic events that they can prove are not their fault. Deductions for casualty and theft losses are restricted to singular, extraordinary events that deviate from the routine aspects of daily life. Moreover, the occurrence must be unrelated to the individual’s active engagement when it transpired, such as an unforeseen automobile accident. Examples include natural disasters like earthquakes, fires, floods, hurricanes, and storms.

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