What Are Deductible Casualty Losses?
There are many different disasters that you can claim deductible casualty losses for. The IRS has a list of many different things that could go wrong and if you are ever a victim of anyone of that list, then you can claim casualty losses on your tax return.
Examples of these disasters are car accidents, earthquakes, fires, floods, explosions, hurricanes and a lot more.
Although there are many disasters that you can claim casualty losses on, there are also many non deductible disasters that if you are a victim of them, you cannot claim any tax deductions. Casualty losses can be a complex tax subject.