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How to cover loss due to sudden disaster ？ -Casualty Loss and its calculation

Did you know that if your valuable property is damaged or lost due to a disaster or accident, there is a way to cover the loss through taxation ？ In this article, we will discuss in detail the tax relief available to individuals who have suffered a disaster, Casualty Loss （ Disaster Loss ）. This article will explain in detail about the tax relief available to individuals in the event of a disaster. In addition, we will look at how Casualty Loss can be claimed with specific examples of how it is calculated.

What is Casualty Loss ？

Casualty Loss is one of the tax deductions that can be claimed when personal use property is damaged due to unexpected events such as natural disasters, theft, or accidents. Typical examples are earthquakes, wildfires, and floods that occur in California. Losses are deductible only if the federal government declares the area a disaster area.


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