Centura Consulting Services (“CCS”) is urging homeowners affected by the 2025 Palisades and Malibu fires to begin reviewing potential casualty loss tax deduction options before July 15, ahead of an Oct. 15 federal election deadline.

For eligible homeowners, a time-sensitive federal tax election under Internal Revenue Code Section 165(i) may allow a 2025 disaster loss to be claimed on a 2024 federal income tax return rather than waiting to claim the loss on a 2025 return.

CCS recommends starting the review process by July 15 to allow time to evaluate potential eligibility, organize documentation and coordinate with qualified tax professionals before the Oct. 15 deadline.

“Many homeowners are still focused on insurance, rebuilding and restoring stability for their families,” said Raleigh Watson, CCS’s Head of Strategic Relationships. “But the casualty loss election has its own timeline. Starting now may help homeowners preserve available options before the federal election window closes.”

The analysis may involve insurance records, prior tax filings, property valuation information, reimbursements received or expected, and documentation related to unreimbursed losses. A fully settled insurance claim may not be required to begin reviewing a homeowner’s situation.

After Oct. 15, homeowners may still have other filing options, including claiming a qualifying loss on a 2025 return. However, missing the federal election deadline may eliminate the ability to claim a 2025 disaster loss on a 2024 federal return.

Homeowners affected by the 2025 Palisades or Malibu fires can learn more and schedule a complimentary casualty loss consultation at centuracs.com/pressrelease.

About Centura Consulting Services

Centura Consulting Services (CCS) is an affiliated business of Centura Wealth Advisory, a Registered Investment Advisor. CCS provides only tax consulting services and does not offer any investment advice nor charge any advisory fees. CCS also does not provide preparation, completion, signing, or filing of any federal or state tax return, including IRS Form 4684. CCS does not offer personalized tax advice regarding your overall tax situation, tax planning strategies, or alternative tax treatments. CCS does not provide legal advice of any kind, nor does it provide insurance claim preparation, filing, negotiation, or coverage advice; and CCS does not provide representation before the Internal Revenue Service.

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The casualty loss election has its own timeline. Starting now may help homeowners preserve available options before the federal election window closes.