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2 years ago

what is not considered a casualty event, regardless of whether a casualty loss or gain will be allowed?

Law

1 answer:

S_A_V [24]2 years ago

8 0

Answer:

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President. You may not deduct casualty and theft losses covered by insurance, unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.

Explanation:

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