casualty loss

Definition of "casualty loss"
  1. Unexpected financial or property loss triggered by sudden or unusual events like fires or earthquakes that may qualify for tax deductions
How to use "casualty loss" in a sentence
  1. His home suffered a casualty loss after it was demolished by an unexpected tornado.
  2. Insurance companies handle casualty loss cases arising from unforeseen disasters.
  3. Claiming a casualty loss on taxes is possible for businesses affected by unforeseen disasters.

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