Re: Does a vehicle crashing into my home qualify as an NOL?

Does a vehicle crashing into my home qualify as an NOL?

posted

No, NOL stands for Net Operating Loss and it refers to the situation where a business has more allowable deductions than taxable income during a tax period.

You may be confusing that term with a casualty loss. For the current tax year, a casualty loss must be associated with a Federally declared natural disaster to be eligible for a tax deduction.

To learn more, take a look at the following TurboTax article: What if I have property that was lost or damaged (a casualty loss)?

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