Casualty Loss and Disaster Relief FAQs
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Casualty Loss and Disaster Relief FAQs

6 months ago · 3 min read

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This series of frequently asked questions (FAQs) provide answers to questions concerning a disaster, casualty or theft and how these events may impact a client’s tax returns and business affairs.

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.

How does someone claim a qualified personal casualty loss?

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