The deductibility of casualty losses attributable to property held for personal use is an exception to the normal rule.
The concept of casualty is also relevant in other contexts. A deductible loss to business or income-producing property is sustained only if there has been a closed transaction; as a mere decline in market value may not be deducted. If an individual’s business or investment property is damaged or destroyed by a casualty of a type giving rise to a deduction under § 165(c)(3) in the case of property held for personal use, the event is a closed transaction permitting the resulting loss to be deducted under § 165(c)(1) or § 165(c)(2).
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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