Click on the links below to jump to each section in this article: Not Every Disaster Allows for a Casualty Loss Tax Deduction Don't Miss This Important Deadline Business Gifts: What's the Tax Treatment? Not Every Disaster Allows for a Casualty Loss Tax Deduction Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a...
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