deductible losses

deductible losses
Losses resulting when a taxpayer's property is destroyed, damaged, confiscated, stolen, abandoned, taken by foreclosure, becomes entirely worthless or suffers other special losses, which a taxpayer is permitted to deduct in computing his net income for tax purposes providing the losses are not fully compensated for by insurance or otherwise. 34 Am J2d Fed Tax ¶ 6500.

Ballentine's law dictionary. . 1998.

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  • deductible — de·duc·ti·ble 1 /di dək tə bəl/ adj: allowable as a deduction de·duc·ti·bil·i·ty / ˌdək tə bi lə tē/ n deductible 2 n: a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured… …   Law dictionary

  • Deductible — In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.[1] It is normally quoted as a fixed quantity and is a part of most policies covering losses to the policy… …   Wikipedia

  • Casualty And Theft Losses — Deductible losses stemming from the loss or destruction of the taxpayer s personal property. In order to be deductible, casualty losses must result from a sudden and unforseeable event, such as fire or earthquake. Theft losses generally require… …   Investment dictionary

  • Income tax and gambling losses — Rules concerning income tax and gambling losses vary internationally.United KingdomIn the United Kingdom, wins (unless in the course of a trade) are not taxable and losses are not deductible.United StatesIn the United States, gambling wins are… …   Wikipedia

  • aggregate deductible — deductible in some property and health insurance contracts in which all covered losses during a year are added together and the insurer pays only when the aggregate deductible amount is exceeded. Practical Law Dictionary. Glossary of UK, US and… …   Law dictionary

  • Nonpassive Income And Losses — Any income or losses that cannot be classified as passive. Nonpassive income includes any type of active income, such as wages, business income or investment income. Nonpassive losses include losses incurred in the active management of a business …   Investment dictionary

  • Tax-deductible loss — According to the United States Internal Revenue Code certain losses are deductible for tax purposes. To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of …   Wikipedia

  • Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… …   Wikipedia

  • at-risk rules — The at risk rules limit a taxpayer s deductible losses to the amount the taxpayer has at risk. Amounts at risk include the cash investment, and the debt for which the taxpayer is personally liable. The objective of the at risk rules is to prevent …   Black's law dictionary

  • at-risk rules — The at risk rules limit a taxpayer s deductible losses to the amount the taxpayer has at risk. Amounts at risk include the cash investment, and the debt for which the taxpayer is personally liable. The objective of the at risk rules is to prevent …   Black's law dictionary

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