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Businesses > Real Estate Agents > E Casualty Loss...
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E Casualty Losses

by Tax Tip <realtaxtips@[EMAIL PROTECTED] > Jun 25, 2008 at 05:31 AM

A casualty is a loss of property (including damage and destruction)
due to a sudden event that is identifiable, unexpected, and unusual.

These losses may be limited, but they are deductible as a rental
activity expense.

For example, your tenant runs their car through the garage door. Even
though you haven=92t replaced the garage door and don=92t have any
expenses

because you didn=92t fix anything, you can deduct the cost of damages
incurred as a casualty expense.

Casualty losses on rental property are re****ted on IRS Form 4684.

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E Casualty Losses
Tax Tip <realtaxtips@[  2008-06-25 05:31:28 

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tan12V112 Thu Dec 4 21:08:58 CST 2008.