Which of the following events typically qualifies as a casualty loss?

A casualty loss typically arises from an event that is sudden, unexpected, and unusual, impacting property negatively. In this context, flood damage caused by an unexpected storm fits this definition perfectly. Such natural disasters are classified under casualty losses because they involve a sudden physical damage or destruction to property, leading to a financial loss that can be claimed on tax returns.

On the other hand, long-term property wear and tear, regular maintenance expenses, and normal depreciation of an asset are not considered casualty losses. These conditions are generally seen as a normal part of the property ownership process and are not caused by an unexpected event. Wear and tear and regular maintenance are expected expenses that do not stem from sudden incidents, while depreciation reflects the gradual reduction in property value over time rather than a dramatic loss from a discrete event.