Casualty Loss Account in Accounting

When a company losses its assets due to natural causes like firm storms in California, Hurricane Michael in Florida, and tornadoes that rip through the south and Midwest of the United States.

Any unexpected or accidental force generally can be deductible regardless if it’s a business or personal asset.

Having insurance for assets can help recoup the losses, but if insurance doesn’t cover your losses. You can deduct them on your taxes.
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Also any other accidental losses that cannot be predicted can be written off. For example, Carpenter v. Commissioner Case or Revenue Ruling 79-174.