Which of the following is a true statement?
A)A casualty loss on personal-use assets is generally not deductible
B)A casualty loss on investment property is generally not deductible
C)All casualty losses are deductible
D)A casualty loss on a personal-use asset is deductible for AGI
E)None of the choices are correct.

Question

Quizplus · Accepted Answer

Casualty losses on personal-use assets are generally not deductible, except for certain federally declared disasters. This rule was changed by the Tax Cuts and Jobs Act of 2017, which limited the deduction for personal casualty losses to those attributable to a federally declared disaster.

Which of the Following Is a True Statement