Calculating the deduction on casualty losses

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			Calculating the deduction on casualty losses Jeff Schnepper Decision Center

	.......................................... BACK TO MAIN Let the IRS Share Your Casualty & Theft Losses		The amount of loss from a casualty that can be deducted is generally the lesser of the following two amounts: n The decrease in the fair market value of the property as a result of the casualty n Your basis, usually your cost plus improvements, less any depreciation you have been allowed, in the property before the casualty.
			What deductions and credits can I take?
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