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Disaster, fire, or theft? According to the IRS, all is not lost. Use these 4 tips to determine your tax deduction for casualty losses.

Tips for Deducting Losses From a Disaster, Fire or Theft

March 29, 2016

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.

Here are some things you should know about deducting casualty losses: Continue reading