Hardly Casual A winter storm, hurricane, flash flood or fire may cause damage and losses which wreak havoc in your life.
Disaster can strike, anywhere and without warning.
The Massachusetts Society of Certified Public Accountants, Inc., has prepared this material to provide basic information to assist you in understanding casualty losses. After reading this material for general information, we suggest you consult your CPA for questions on your specific tax situation. Casualty losses are itemized deductions on Schedule A of Form 1040. Generally, the loss is deductible in the year the loss occurs. However, if the President of the United States declares your area a federal disaster area, the losses can be claimed on your prior year's tax return.