About Publication 547, Casualties, Disasters, and Thefts
This publication explains the tax treatment of casualties, thefts, and losses on deposits.
- A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event.
- A theft occurs when someone steals your property.
- A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.
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Page Last Reviewed or Updated: 12-May-2022