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.
Other Items You May Find Useful
About Publication 523, Selling Your Home
About Publication 525, Taxable and Nontaxable Income
About Publication 550, Investment Income and Expenses
Comment on Publication 547
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