Month: April 2025

By of MillarLaw A Professional Corporation On Tuesday, April 22, 2025

PurposeThis blog outlines the tax consequences of a casualty loss, focusing on eligibility, calculations, limitations, and reporting requirements for affected individuals or businesses. Definition of a Casualty LossA casualty loss involves the damage, destruction, or loss of property due to sudden, unexpected, or unusual events such as natural disasters (e.g., hurricanes, floods, earthquakes) or unforeseen … Continue reading Tax Consequences of Casualty Losses