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Disaster Loss

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Dictionary Says

Definition of 'Disaster Loss'

A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President. Disaster losses can arise from such phenomena as floods, forest fires and earthquakes.
Investopedia Says

Investopedia explains 'Disaster Loss'

Disaster losses may be deducted either in the year that the loss is incurred or the previous year, if it is more beneficial to the taxpayer and pending on the type of disaster. Homeowners who must relocate due to damage in a disaster area can often claim a loss even though the damage sustained does not meet the sudden event test.

Articles Of Interest

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    Protecting Your Financial Documents From Disaster

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  2. Student Loan Deferment: Live To Pay Another Day

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  3. Preparing Your Finances From Natural Disasters

    Use these easy tips to protect your financial interests from natural disasters.

  4. Insurance 101 For Renters

    If it's time for you to leave the nest, find out how to protect your new home from disaster.

  5. Natural Disasters: Issues Relating To Leaves Of Absence

    Small businesses are more likely to fail in the aftermath of devastation. How can you as an employee handle issues after a disaster?

  6. Beware These Disaster-Related Scams

    Con artists prey on the weak. Those who just survived a natural disaster can be easy targets.

  7. How Disasters Can Benefit Small Businesses

    Sales of disaster supplies and an increased number of consumers purchasing supplies can lead to small businesses actually benefiting from some natural disasters.

  8. How Much Will Hurricane Sandy Cost Insurance Companies?

    Hurricane Sandy's economic cost is staggering, but insurance companies will be paying out less than you might think.

  9. Tax Advice For Victims Of Superstorm Sandy

    As the eastern part of the United States cleans and rebuilds, tax-related issues are sure to arise for the millions affected by the storm.

  10. Suppose my garage collapsed onto my car. Are damages covered by my home insurance or auto insurance?

    Generally, damage to an automobile will be covered by comprehensive car insurance, which is in addition to collision coverage that applies to a car or truck while it is in use. In addition to ...
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