Casualty and theft losses are deductible if they result from a sudden, unexpected and unusual cause to the extent that they exceed 10% of AGI and $100 for each occurrence and cannot be reimbursed by insurance. (The 10% floor does not apply to certain disaster losses). Included…
- Automobile accident if not caused by your willful act.
- Loss of a bank account due to insolvency of the bank.
- Fire, flood and storm damage, including hurricanes and tornadoes.
- Repairs to home because of damage due to pyrrhotite.
- Replacement cost of trees and shrubs damaged by storms or fires.