Tax breaks for property losses 
Real Estate Tax Talk
By Stephen Fishman, Friday, May 27, 2011.
Flickr image courtesy of billypalooza.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, including vandalism to rental property by tenants, and
- Volcanic eruptions.
more...
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