What is a Casualty Loss?

A casualty loss is a loss that is caused by natural or other external forces in a sudden, unexpected and unusual manner. Theses three words-sudden, unexpected, unusual-are very important and you should understand their meaning. A sudden event is one that is not gradual or progressive.

An unexpected event is one that is not ordinarily anticipated or that you do not intend to happen. An unusual event is one that is not an every day occurrence or not typical to the activity in which you are engaged. For timber that is held for the production of income as either a business or investment the recent ice storms would be a casualty loss.

When is the loss recognized? The tax year in which the event occurred. How much is my loss?

This will vary from taxpayer to taxpayer. Generally your loss for timber that is held for the production of income as either a business or investment is the lesser of the difference between the fair market value of the timber before and after the storm or your basis ... more.

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