Randall Posted October 3, 2023 Report Share Posted October 3, 2023 Client incurred some casualty loss. It is not a federally declared disaster area. Client's wife said she read in Pub 547 that they could still write off the loss. My review of Pub 547 says this loss is deductible only to the extent that there are casualty gains. I just want to get some reassurance on this. It seems they cannot write off the losses since they have no gains. Quote Link to comment Share on other sites More sharing options...
BrewOne Posted October 3, 2023 Report Share Posted October 3, 2023 you are correct. Tell her to look down at the bottom of the front page of Pub 547 Limitation on personal and casualty theft losses 1 Quote Link to comment Share on other sites More sharing options...
Randall Posted October 3, 2023 Author Report Share Posted October 3, 2023 8 minutes ago, BrewOne said: you are correct. Tell her to look down at the bottom of the front page of Pub 547 Limitation on personal and casualty theft losses Thanks. I did send her a picture of page 3, highlighted. Quote Link to comment Share on other sites More sharing options...
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