Itemized Deductions � Casualty and Theft Losses � 2021 | Best Guide

Finn Kevin08 Apr, 2022Finance

A personal casualty loss is deductible (subject to limitations) only if such loss is attributable to a federally-declared disaster. A federally-declared disaster is any disaster determined by the President of the United States to warrant assistance by the federal government. For areas that have been determined to be federally-declared disaster areas, go to www.fema.gov/disasters. Exception: A personal casualty loss not attributable to a federally-declared disaster may offset a personal casualty gain.