Tax Loss

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Tax Loss

A loss of value that results in a tax deduction. A tax loss may be a business loss or it may be the loss of a personal asset such as a house. For example, the amount one spends repairing a car after a wreck may be a tax loss.

In order to qualify as deductible, the loss must not be covered by insurance and (for the loss of an asset) must be the result of a real disaster such as theft. Gradual damage generally does not qualify.

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