Estate Settlement Casualty and Theft Loss Deduction

IRC §2054

Allows a deduction for losses from fires, storms, shipwrecks, other casualties, or theft occurring during estate settlement if not compensated by insurance.

Eligibility

Losses must occur during the settlement of the estate and remain uncompensated by insurance or other means.

Frequently Asked Questions

Who is eligible for the Estate Settlement Casualty and Theft Loss Deduction?

Losses must occur during the settlement of the estate and remain uncompensated by insurance or other means.

How does the Estate Settlement Casualty and Theft Loss Deduction work?

Allows a deduction for losses from fires, storms, shipwrecks, other casualties, or theft occurring during estate settlement if not compensated by insurance.

What law authorizes the Estate Settlement Casualty and Theft Loss Deduction?

The Estate Settlement Casualty and Theft Loss Deduction is authorized under IRC §2054 of the Internal Revenue Code (Title 26, United States Code).

Statutory Text — IRC §2054

Source: Internal Revenue Code, Title 26, United States Code

§ 2054. Losses For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate losses incurred during the settlement of estates arising from fires, storms, shipwrecks, or other casualties, or from theft, when such losses are not compensated for by insurance or otherwise. (Aug. 16, 1954, ch. 736, 68A Stat. 390.)

Legal Sources

US Code (Official) — 26 USC §2054 → Cornell Law Institute — 26 USC §2054 → Search IRS.gov for IRC §2054 → Treasury Regulations (26 CFR) →

OpenLoopholes Data View Raw JSON → View on GitHub →

Discovered by: discovery_engine_v1

Calculator handler: generic pattern

← Back to Federal Loopholes