Business and Personal Finance Dictionary

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• DISASTER LOSS
  
  If you suffer damage or property loss from a storm in an area the president has declared eligible for federal disaster assistance, this is a disaster loss. These losses get special tax treatment: You can choose to deduct the loss in the year it happened, or you can file an amended return and deduct the loss in the prior year. This gives you the option of receiving your tax benefit sooner.
  
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