Which of the following is a true statement?
A) A casualty loss can only occur from storm damage.
B) Personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of AGI after applying a $100 per incident deduction.
C) Individual casualty losses are only deductible if each individual loss exceeds $5,000.
D) Uninsured thefts of personal assets are not included with casualty losses.
E) All of the choices are true.

Question

Quizplus · Accepted Answer

Personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of AGI after applying a $100 per incident deduction. This is a true statement. The other statements are false - casualty losses can occur from a variety of causes, individual losses need not exceed $5,000 to be deductible, and uninsured thefts are included in casualty losses.

Which of the Following Is a True Statement