A loss, which is the result of partially or completely destroyed property; the destruction of which was caused due to unavoidable and unexpected occurrences such as fires, floods, storms, hurricanes etc.
A casualty, in tax terms, is the complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature. Examples of casualties include floods, storms, fires, earthquakes, and auto accidents. The tax law allows taxpayers to deduct casualty losses, within certain limits.
a loss caused by a sudden, unexpected or unusual event
a loss that is caused by natural or other external forces in a sudden, unexpected and unusual manner
a tax deduction that can be taken for an accident that is incurred in a trade or business, in a transaction entered into for profit, or for the complete or partial loss or destruction of property owned by the taxpayer
A loss caused by the complete or partial destruction of property that results from an unexpected event, i.e., floods, storms, fires, etc..
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. Use of Form 4684 is required.
The act of losing property or experiencing a decrease in the value of property as a result of a casualty. Deductible casualty losses can result from certain car accidents, earthquakes, certain fires, floods, government-ordered demolition or relocation of a home that is unsafe to use because of a disaster, mine cave-ins, shipwrecks, sonic booms, storms (including hurricanes and tornadoes), terrorist attacks, vandalism, and volcanic eruptions.
A loss caused by natural or outside forces that is of a sudden, unexpected, and unusual nature, as from fire, hurricane, tornado, earthquake, ice storm, etc. Losses from disease, insect infestation, drought, or combinations of factors usually qualify as noncasualty rather than casualty losses. Also see “Involuntary conversion,” “Loss,” and “Noncasualty loss.
A loss from theft, fire, storm, shipwreck, or other similar and unexpected occurrence.
A deductible loss resulting from complete or partial property destruction due to an unexpected occurrence, such as earthquake, flood, etc.
Any loss of an asset due to fire storm act of nature causing asset damage from unexpected or accidental force. Generally it is deductible regardless of whether it is business or personal.
Damage that results from a sudden or unusual event. After being reduced by $100, such personal losses are deductible to the extent that they exceed 10% of your adjusted gross income. Congress, however, has eliminated these limitations on personal property losses caused by hurricanes Katrina, Rita, and Wilma.
Loss, which arises from the destruction of property resulting from circumstances of an unanticipated or unusual nature.
Sudden and unexpected losses due to damage, destruction, fire, or theft. that are usually reimbursed either in full or in part by insurance contracts. Amounts of compensation are listed for losses are not usually tax-deductible if full restitution is made by the insurance carrier. However, claims denied or not covered are potentially tax-deductible.