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A natural disaster or other casualty can be bad news for your business, but you might be able to salvage a tax break. Taxpayers can claim a casualty loss deduction on their tax returns if they’ve suffered a “sudden, unexpected or unusual” event — including...

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are some things you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage done...