A taxpayer suffers a casualty loss on personal- use property for which he has insurance coverage. However, to avoid a premium increase, the taxpayer fails to make a timely claim. In this situation is the full deduction for the casualty, after the normal floors, available to the taxpayer? Why or why not?

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The Answer of A taxpayer suffers a casualty loss on personal- use property for which he has insurance coverage. However, to avoid a premium increase, the taxpayer fails to make a timely claim. In this situation is the full deduction for the casualty, after the normal floors, available to the taxpayer? Why or why not?

A Taxpayer Suffers a Casualty Loss on Personal- Use Property