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casualty loss |
Also found in: Financial | 0.09 sec. |
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casualty loss n. in taxation, loss due to damage which qualifies for a casualty loss tax deduction. It must be caused by a sudden, unexpected or unusual occurrence such as a storm, flood, fire, shipwreck, or earthquake, but would not include gradual damage from water seepage or erosion. |
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The deductibility of a casualty loss depends on the property affected. 19), any deductible casualty loss will be deemed a business deduction. There were people asking me things like what is the definition of a casualty loss and how do I get started compiling an inventory of my personal property," she says. |
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casualty loss