Disaster losses may be deducted either in the year that the loss is incurred or the previous year, if it is more beneficial to the taxpayer and pending on the type of disaster. Homeowners who must relocate due to damage in a disaster area can often claim a loss even though the damage sustained does not meet the sudden event test.
Investment dictionary. Academic. 2012.
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disaster loss — If a casualty is sustained in an area designated as a disaster area by the President of the U.S., the casualty is designated a disaster loss. In such an event, the disaster loss may be treated as having occurred in the taxable year immediately… … Black's law dictionary
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loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare … Law dictionary
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disaster — I noun adversity, affliction, bale, bane, blight, blunder, breakdown, brutum fulmen, calamitas, calamity, casualty, cataclysm, catastrophe, clades, collapse, contretemps, crushing reverse, deabacle, devastation, downfall, emergency, extremity,… … Law dictionary
disaster — [di zas′tər, dizäs′tər; ] also [ dis as′tər, disäs′tər] n. [OFr desastre < It disastro < L dis + astrum < Gr astron (see ASTRAL), star: from astrological notions: cf. ILL STARRED] any happening that causes great harm or damage; serious… … English World dictionary