Losses Due To Theft And Casualty
Did you know if your business or personal assets are damaged or stolen the value of your loss may be deductible? Casualty losses typically result from damage or destruction to your property from sudden, unexpected events like fires, floods, hurricanes, earthquakes, etc. Theft is the illegal removal or taking of property, including money. Generally, these losses will be deductible on your Schedule C (business), or your Schedule A (personal) to the extent not covered by your insurance.