Deduction of casualty lossesQuestion Can you deduct a loss in your business due to casualty damage or theft?
Answer If you suffer a casualty or theft loss to business property, you can deduct the portion of the loss that exceeds what you are paid in an insurance claim.
There are no dollar limitations on these losses, as there are on personal losses. 
Brain Trust contributor:
Author of J.K. Lasser's Small Business Taxes 2007
Related Categories: Accounting, Finance, Taxes, Legal
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