Which of the following events would produce a deductible loss in 2018?
A) Erosion of personal use land due to rain or wind.
B) Termite infestation of a personal residence over a several year period.
C) Damages to personal automobile resulting from a taxpayer's willful negligence.
D) A misplaced diamond ring.
E) None of the above.

Question

Quizplus · Accepted Answer

In 2018, the Tax Cuts and Jobs Act limited deductible personal casualty losses to those attributable to a federally declared disaster. None of the events listed qualify under this provision.

Which of the Following Events Would Produce a Deductible Loss