ERROR MSGStarting Your Business/Keeping Records
What are Business Expenses
Casualty Losses

A casualty is the damage, destruction, or loss of property resultingfrom an identifiable event that is sudden, unexpected, or unusual.

• Geneva hotelsA sudden event is one that is swift, not gradual or progressive.
• Brighton hotel roomsAn unexpected event is one that is ordinarily unanticipated and unintended.
• An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged.

Generally, you can deduct a casualty loss only in the tax year inwhich the casualty occurred. This is true even if you do not repair or replace the damagedproperty until a later year.

hoteles b&b LagosBusiness and income-producing property. Use Form 4684 toreport your casualty gains and losses.

Important References

Publication 547                     Casualties, Disasters and Thefts
Form 4684                             Casualties and Thefts
Instruction for Form 4684
Form 4797                             Sales of Business Property
Instructions for Form 4797
Form 1040 Schedule A          Itemized Deductions
Form 1040 Schedule D          Capital Gains and Losses