A taxpayer suffers a casualty loss on personal-use property for which he has insurance coverage.However,to avoid a premium adjustment,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?

Question

Quizplus · Accepted Answer

The Answer of A taxpayer suffers a casualty loss on personal-use property for which he has insurance coverage.However,to avoid a premium adjustment,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 for Which