casualty and theft losses

Definition

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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Casualty Actuarial Society (CAS) casualty catastrophe