Business, Legal & Accounting Glossary
An IRS tax allowance whereby a filer can claim financial losses resulting from the destruction or theft of personal property from unforeseen events. Claimants cannot also receive compensation from their insurer; if so, the reimbursement must be claimed during the following tax year. There are limitations to the amount that can be claimed, including a per-loss reduction and a requirement to exclude 10% of Adjusted Gross Income from the total value.
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Definitions for Casualty And Theft Losses are sourced/syndicated and enhanced from:
This glossary post was last updated: 20th November, 2021 | 0 Views.