We've all seen on the news that large portions of the country have been devastated by tornados and floods. Unfortunately, homeowners are not always fully insured -- or insured at all -- against losses due to such events. Fortunately, the Internal Revenue Service can help because uninsured casualty losses are tax deductible. What is a casualty? A "casualty" is damage, destruction, or loss of property due to an event that is sudden, unexpected, or unusual. Deductible casualty losses can result from many different causes, including, but not limited to: Earthquakes,Fires,Floods,Government-ordered demolition or relocation of a building that is unsafe to use because of a disaster,Landslides,Sonic booms,Storms, including hurricanes and tornadoes,Terrorist attacks,Vandalism, ...
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