Casualty Loss Tax Info
For a casualty loss to be tax deductible,
the loss must be defined as a casualty by IRS' definition.
What is the definition of
Tax law defined a casualty as damage,
destruction or loss of property resulting from an identifiable
event that is sudden, unexpected, or unusual.
A sudden event is one
that is swift, not gradual or progressive.
An unexpected event is
one that is ordinarily unanticipated and unintended.
An unusual event is one
that is not a day to day occurrence and that is not typical
of the activity in which you were engaged.
Casualty loss and taxes
Deducting a Casualty