612. What deductions for casualty and theft losses may be taken from the gross estate in arriving at the taxable estate for federal estate tax purposes?Nuco Employeercline212010-07-17T16:06:00Z2014-06-23T18:13:00Z2014-06-23T18:13:00Z171411Summit Business Media3148114Site Map/Transfer Taxation/Federal Estate Taxation/General Estate Tax/DeductionsTaxFactsDefaultArticle2005-12-13T00:00:00Z124251506-00-tf2.xml1506.00;#2322;#0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900242457EFB8B24247815D688C526CD44D009C4E67E972694125ABDA91AC61F5E51FTax Facts 2What deductions are allowed from the gross estate in arriving at the taxable estate for federal estate tax purposes?46100.0000000000TaxFactsDefaultArticleSBMEDIA\moss-admin2010-01-14T23:02:38Z612. What deductions for casualty and theft losses may be taken from the gross estate?Under IRC Section 2054, losses incurred during the period of administration from fire, storm, or other casualty, or from theft, are deductible to the extent not compensated by insurance or otherwise. Therefore, post-death events, such as destruction to estate assets from a storm, generate an estate tax deduction that can offset the date-of-death value of the property destroyed or damaged.