casualty loss

(redirected from Casualty Losses)
Also found in: Financial.

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.

Mentioned in ?
References in periodicals archive ?
Mancini later amended his 2010 tax return to increase his casualty loss to $678,000 and to deduct the excess casualty losses from his amended 2008 and 2009 returns.
Providing a tax deduction for casualty losses would not only help landowners recover, but also encourage investment in reforesting damaged acres.
* Special rules apply to casualty losses from hurricanes Harvey, Irma, and Maria.
* Paid $40.3 billion to Texans for property and casualty losses;
This analysis is driven by historical vehicle depreciation rates, disposition losses and casualty losses, all provided by the rental fleet company (RFC), as well as historical vehicle value volatility observed in the wholesale vehicle market.
Uninsured flood losses are casualty losses and are deductible as an itemized deduction subject to a $100-per-event floor and a 10%-of-adjusted-grossincome (AGI) floor for personal-use property.
These include, on the one hand, recent legislation and revenue procedures expanding or facilitating taxpayers' ability to claim personal casualty losses but also, on the other hand, the general limitation of the deduction of personal casualty losses to those resulting from federally declared disasters, under the tax reform law known as the Tax Cuts and Jobs Act (TCJA).
As part of the collaboration, AIR is producing portfolio-specific casualty losses based on its innovative exposure management application, Arium.
Its expected 'minimum' insurance and recoveries from property damage and other casualty losses stood at P762.55 million, its stock exchange filing showed.
Ordinarily, casualty losses are deductible only to the extent they exceed $100 plus 10 percent of your adjusted gross income (AGI).
Understanding the types of losses that qualify as casualty losses and the mechanics of the casualty loss deduction is important.