For those who have yet to hear how much their insurance will cover, it is difficult to calculate casualty losses, he noted.

An event does not need to be an act of nature in order for it to be deemed a casualty loss.

The petitioners deducted $1,010 from their income tax return as a casualty loss.

It would change the definition of casualty loss to include Formosan termites.

If there are more casualty losses than gains, the excess is treated as an ordinary loss.

All unreimbursed casualty losses are subject to two limitations.

The tax code's casualty loss provision requires taxpayers to reduce each loss by $100.

For a casualty loss, your records should show:

Use the basis of property to figure depreciation, amortization, depletion, and casualty losses.

Can I claim a casualty loss deduction?

What concerns Cohn in the current climate is that the enormous casualty loss will overshadow the human drama.

Add to this expenses for capital improvements made over the years, but subtract any depreciation or casualty losses claimed.

The rest, it said, covered the cost of moving employees from California to Washington and an increase in self-insurance reserves to meet casualty losses.

A casualty loss on nonbusiness property is reduced by $100 plus 10 percent of the taxpayer's adjusted gross income.

Income tax assistance for filing casualty losses.

A casualty loss is a type of tax loss that is a sudden, unexpected, or unusual event.

Severity of large casualty losses for certain lines of business such as general liability, commercial auto, and workers compensation.

For instance, medical expenses and casualty losses, to the extent each exceeds 10 percent of adjusted gross, can be deducted.

"I tell people that filing for a casualty loss yourself is a little like doing brain surgery," Mr. Block said.

Since the language of "casualty loss" is sparse, it has been further explained by the IRS and case law.

Damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss.

Further, even that sum might be subject to additional restrictions since there are limits on the overall deductibility of unreimbursed casualty losses.

Deductions for sales taxes and in most cases for medical expenses and casualty losses were scrapped.

Also, affected taxpayers have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year.

Taxes Internal Revenue Service regulations allow the deduction of casualty losses suffered in storms.