Louisiana § 47:60 Deductions from gross income; losses by individuals

Louisiana Statutes

§ 47:60 — Deductions from gross income; losses by individuals

Louisiana § 47:60

Title 47Revenue and Taxation

This text of Louisiana § 47:60 (Deductions from gross income; losses by individuals) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 47:60 (2026).

Text

In computing the net income of an individual, deductions shall be allowed for losses sustained during the taxable year and not compensated for by insurance or otherwise:

(1)If incurred in trade or business; or

(2)If incurred in any transaction entered into for profit, though not connected with the trade or business; or

(3)Of property not connected with the trade or business, if the loss arises from fires, storms, shipwrecks, or other casualty or from theft. No loss shall be allowed as a deduction under this subsection if at the time of filing of the return such loss had been claimed as a deduction for estate tax purposes in the estate tax return. The basis for determining the amount of deduction for such losses shall be the adjusted basis provided in R.S. 47:139 for determining the loss

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In computing the net income of an individual, deductions shall be allowed for losses sustained during the taxable year and not compensated for by insurance or otherwise:
(1) If incurred in trade or business; or
(2) If incurred in any transaction entered into for profit, though not connected with the trade or business; or
(3) Of property not connected with the trade or business, if the loss arises from fires, storms, shipwrecks, or other casualty or from theft. No loss shall be allowed as a deduction under this subsection if at the time of filing of the return such loss had been claimed as a deduction for estate tax purposes in the estate tax return.
The basis for determining the amount of deduction for such losses shall be the adjusted basis provided in R.S. 47:139 for determining the loss from the sale or other disposition of property.