Deductions for property loss or damage.

Author:Ngo, Sheiresa
Position::SHEIRESA NGO'S TIP OF THE MONTH - Brief article
 
FREE EXCERPT

If you suffered property loss as a result of a casualty, help might be available in the form of a casualty loss deduction through the Internal Revenue Service. A taxpayer is allowed a casualty loss deduction for personal property that is damaged or lost as a result of a casualty or theft. The IRS defines a casualty as "the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." Deductions for losses due to property damage can be claimed on your federal tax return as long as the damage...

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