Casualty Loss Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Casualty Loss, written in plain English, along with examples of how it is used.
What is Casualty Loss?
(n) Casualty Loss is the damage and monetary loss occurred to a property, article goods etc due to a sudden, unexpected occurrence of an event which cannot be foreseen and avoided. Casualty loss qualifies for a tax deduction benefit.