Definition of «loss deduction»

A loss deduction refers to a legal reduction in taxable income that occurs when a person or business experiences a financial loss. It allows individuals or companies to deduct their losses from their total income, which helps to lower the amount of tax they owe.

Phrases with «loss deduction»

capital loss deduction
casualty loss deduction
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Sentences with «loss deduction»

To take a casualty loss deduction in conjunction with the standard deduction, your net casualty loss that exceeds $ 500 is added to your standard deduction amount. (turbotax.intuit.com)
Of particular interest to residential real estate, the bill allowed a capital loss deduction for sale of principal residence. (realtormag.realtor.org)
The biggest source of tax relief for disaster victims is the casualty and theft loss deduction. (policygenius.com)
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