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LSDefine

Simple English definitions for legal terms

casualty loss

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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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