A casualty loss deduction is not allowed for losses resulting from a decline in value rather than an actual loss of property.

Name: A casualty loss deduction is not allowed for losses resulting from a decline in value rather than an actual loss of property.
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The IRS only allows casualty loss deductions for actual losses of property, such as from a fire or natural disaster. A decline in the value of property, such as from market fluctuations, is not eligible for a casualty loss deduction.

A Casualty Loss Deduction Is Not Allowed for Losses Resulting