About Publication 547, Casualties, Disasters, and Thefts

This publication explains the tax treatment of casualties, thefts, and losses on deposits. 

  • A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. 
  • A theft occurs when someone steals your property. 
  • A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.

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