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Casualty Loss |
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Casualty loss A financial loss caused by damage, destruction, or loss of property as a result of an unexpected or unusual event. Casualty Loss A casualty is the complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature. Examples are floods, storms, fires, earthquakes, and auto accidents. Individuals may deduct a casualty loss only if the loss is incurred in a trade or business, in a transaction entered into for profit, or is a personal loss arising from a disaster such as those mentioned above. Individuals deduct personal casualty losses as itemized deductions on Schedule A, subject to a $100 nondeductible amount and a reduction of the loss by 10 percent of the taxpayer's AGI. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The deductibility of a casualty loss depends on the property affected. 19), any deductible casualty loss will be deemed a business deduction. There were people asking me things like what is the definition of a casualty loss and how do I get started compiling an inventory of my personal property," she says. |
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