Amounts paid by tort-feasors are not casualty losses as to them, but they may be deducted under § 162 or § 212 if incurred in a trade or business or a profit-seeking activity.
If compensation for the loss or the property’s salvage value is collected in the year of the casualty, these offsets are taken into account at that time in computing the uncompensated loss, if any. Conversely, if there is no reasonable prospect of a recovery, the entire loss is taken into account when sustained, and any unexpected subsequent recovery is taken into income when received, subject to the tax benefit doctrine.
Agenda
Faculty
Gary S. Wolfe
The Wolfe Law Group
Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.
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