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Determining a Casualty

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Which of the following is most likely not considered a casualty?

A. death of a pine tree due to a two-day infestation of pine beetles
B. fire loss
C. water damage caused by a broken water heater
D. water damage to the walls and ceiling of a taxpayer's personal residence as the result of gradual deterioration of the roof.

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Solution Summary

This solution provides the correct answer to the casualty question listed. The main standard rule for determining a casualty from a non-casualty is listed, and the applicable tax reference is provided.

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D.

The IRS limitation on casualty losses is that the loss cannot be ...

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