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LSDefine

Simple English definitions for legal terms

casualty loss

Read a random definition: actual eviction

A quick definition of casualty loss:

A casualty loss is when something unexpected and outside of your control happens to your property, like a fire or a storm. If you have a personal casualty loss, which means you lost something related to your business or something you were trying to make money from, you may be able to get a tax deduction for the loss. This is because the tax code has rules for how to handle these types of losses.

A more thorough explanation:

Casualty loss refers to a loss of property caused by a sudden, unexpected, and external event such as a fire, storm, or theft. This loss can be claimed as a deduction on your taxes if it is related to a trade or business or a transaction entered into for profit.

For example, if your business property is damaged in a fire, you may be able to claim a casualty loss deduction on your taxes. Similarly, if your car is stolen and you use it for business purposes, you may be able to claim a casualty loss deduction for the value of the car.

The tax code has specific rules for claiming casualty loss deductions, so it's important to consult with a tax professional to ensure you are following the correct procedures.

casualty | Catholic Social Services, Inc. v. Reno

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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