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Very challenging to liquidate that kind of stuff quickly. I will update this document with additional information as I learn more. Some fire cases involve wrongful death, and compensatory wrongful death damages are tax free. The new IRS guidance confirms that awards attributed to physical injury and emotional distress caused by physical injuries are exempt from federal taxes. Meaning fire victims will either have to file for an extension or expect to potentially amend their tax returns again. According to admissions and court documents, between 2008 and 2013, Deutsche Bank precious metals traders engaged in a scheme to defraud other traders on the New York Mercantile Exchange Inc. and Commodity Exchange Inc., which are commodities exchanges operated by the CME Group Inc.On numerous occasions, traders on Deutsche Banks precious metals desk in New York, Singapore, and London placed orders to buy and sell precious metals futures contracts with the intent to cancel those orders before execution, including in an attempt to profit by deceiving other market participants through injecting false and misleading information concerning the existence of genuine supply and demand for precious metals futures contracts. Fire Victim Trust But it can take ingenuity to turn the gross settlement figure into a viable tax reporting strategy that is defensible to the IRS and (for Californians, to the Franchise Tax Board). It killed at least 85 people. Generally, the tax relief allows certain taxpayers in affected areas to file their returns after the original due date without incurring late-filing penalties. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. I mean, we talk to people that are concerned about where their kids are going to go to school next year. "That's a 200-year-old question. It destroyed thousands of homes and left tens of thousands of people homeless. An official website of the United States government. Additional information and assistance for victims of crime. MORE: How CA's investment in wildfire prevention contributed to a less severe fire season. IRS announces tax relief for California wildfire victims