casualty loss


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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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In general, you must be able to itemize deductions on your federal return to be able to claim a casualty loss.
A casualty loss claimed on the 2004 return (original or amended), will result in an earlier refund.
In addition, taxpayers who were still on an extension of time to file a 2000 return may include the casualty loss on that return when filed.
Note: there is no casualty loss if a home is unsafe due to dangerous conditions existing before a disaster.
To Mike Estabrook of Chubb & Son's Casualty Loss Control Department, there's a potential downside to the standard.
Arch's reinsurance and insurance casualty loss reserve positions for earlier accident years have been maturing and proven to be within conservative ranges.
To help taxpayers better prepare for and effectively cope with the unexpected, Jackson Hewitt Tax Service(R), the nation's second largest tax preparation service, announces the availability of an online "Disaster Relief Kit" featuring enhancements to the company's extensive natural disaster and casualty loss resources.
When a property or casualty loss is less than the deductible amount or is not covered by insurance, CPAs can help companies recoup some of these losses by putting a team and a process in place to immediately investigate the loss and pursue recovery in court against the responsible parties.
The amount of the casualty loss from partial destruction of property is the lesser of the taxpayer's adjusted basis of the property or the difference in the property's fair market value (FMV) immediately before and after the casualty; Regs.
4 million reduction in casualty loss recoveries for flood damages incurred during the September 2004 and January 2005 Ohio River Floods.
Sutcliffe previously worked for NYMAGIC from November 1990 until May 2000 as a casualty loss adjuster.
3 million of net casualty loss recovery as compared to a $0.