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Congressional Research Service Issues In Focus White Paper on Nonbusiness Casualty & Theft Loss Deduction
January 29, 2025
WASHINGTON, Jan. 29 (TNSrep) -- The Congressional Research Service issued the following In Focus white paper (No. IF12574) on Jan. 28, 2025, by public finance analyst Brendan McDermott.

Here are excerpts:

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The Nonbusiness Casualty and Theft Loss Deduction

The Internal Revenue Code generally allows taxpayers to deduct certain unreimbursed losses caused by recent disasters and thefts from their income subject to the income tax. Lawmakers hav . . .

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