_____ 12.A theft loss of $10,000 cash by an individual results in a $10,000 casualty loss deduction.

Name: _____ 12.A theft loss of $10,000 cash by an individual results in a $10,000 casualty loss deduction.
Brand: Quizplus
Rating: 4.8 (59 reviews)

Question

Quizplus · Accepted Answer

A theft loss is not automatically deductible as a casualty loss; it must meet specific criteria under tax law, and personal theft losses are generally not deductible after 2017 due to changes in tax legislation.

_____ 12A Theft Loss of $10,000 Cash by an Individual Results