Casualty Loss

[Randall]

Client incurred some casualty loss.  It is not a federally declared disaster area.  Client's wife said she read in Pub 547 that they could still write off the loss.  My review of Pub 547 says this loss is deductible only to the extent that there are casualty gains.  I just want to get some reassurance on this.  It seems they cannot write off the losses since they have no gains.

[BrewOne]

you are correct.  Tell her to look down at the bottom of the front page of Pub 547 Limitation on personal and casualty theft losses

[Randall]

8 minutes ago, BrewOne said:

you are correct.  Tell her to look down at the bottom of the front page of Pub 547 Limitation on personal and casualty theft losses

Thanks.  I did send her a picture of page 3, highlighted.