What is a casualty loss?
A casualty loss results from a sudden, unexpected or unusual event. In computing casualty losses, it is necessary to determine the type of property involved since the tax treatments for personal property and business-use property differ.
When are casualty losses deductible?
Casualty losses are deductible during the tax year that the loss is sustained. Generally, a disaster loss is sustained in the year the disaster occurred. However, a disaster loss may be sustained in