Itemized Deductions - Casualty and Theft Losses

This handout identifies which losses are deductible and which gains are taxable in federally-declared disaster areas.

HIGHLIGHTS: 

  1. Federally-declared disaster areas.

  2. Deductible amount of loss.

  3. Deductible losses.

  4. Insurance.

  5. Gain on reimbursement.

  6. Disaster relief.


CLIENTS WHO MAY BENEFIT:

  1. Taxpayers who are in a federally-declared disaster area.

  2. Victims of natural disasters.

Individual Income TaxClare FazackerleyTax, Deductions, Losses, Casualties, Theft, Deductible Losses, Natural Disasters, Disaster Areas, Tornado, Flood, Hurricane, Fire, Insurance, Disaster Relief