For 2016,the AGI threshold for the deductibility of personal casualty losses generally is:
A)5%.
B)10%.
C)7)5%.
D)2%.

Question

Quizplus · Accepted Answer

The AGI threshold for the deductibility of personal casualty losses for 2016 is 10%. This means that taxpayers can only deduct losses that exceed 10% of their AGI. For example, if a taxpayer has an AGI of $50,000, they can only deduct personal casualty losses that exceed $5,000 (10% of $50,000).

For 2016,the AGI Threshold for the Deductibility of Personal Casualty