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.
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 these 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. Choice A is false because a casualty loss can occur from various events, not just storm damage. Choice C is false because there is no minimum amount for individual casualty losses to be deductible. Choice D is false because uninsured thefts of personal assets are included in casualty losses.

Which of the Following Is a True Statement