Louisiana § RS 47:60 - Deductions from gross income; losses by individuals
Full text of Louisiana Louisiana Civil Code § RS 47:60 — Deductions from gross income; losses by individuals, with citation guidance and answers to common questions.
§ RS 47:60. Deductions from gross income; losses by individuals
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.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:60
What does Louisiana Civil Code § RS 47:60 cover?
Section RS 47:60 ("Deductions from gross income; losses by individuals") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 47:60?
A common citation format is "Louisiana Civil Code § RS 47:60" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 47:60 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.