When personal-use property is covered by insurance,no deduction is available for a casualty loss of the property unless the taxpayer timely files an insurance claim for the loss.

Question

Quizplus · Accepted Answer

This is true according to the IRS rules. If the property is covered by insurance, the taxpayer must file an insurance claim for the loss in order to be eligible for a casualty loss deduction.

When Personal-Use Property Is Covered by Insurance,no Deduction Is Available