Casualty And Theft Losses

Business, Legal & Accounting Glossary

Definition: Casualty And Theft Losses


Casualty And Theft Losses


Full Definition of Casualty And Theft Losses


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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Definition Sources


Definitions for Casualty And Theft Losses are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.