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A
casualty loss deduction is limited to property losses, specifically the decline
in value of the property due to the casualty. Ancillary costs are not
deductible. Non-deductible ancillary costs would include items such as -
- temporary
lodging,
- generators,
- improvements
to prevent future casualties
- clean up
costs except to measure the decline in value,
- rental
cars after an auto accident, etc.
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