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 above are true.

Question

Quizplus · Accepted Answer

Casualties are thefts and any sudden unexpected events such as storms, fires, or shipwrecks and individual casualty losses are subject to a per casualty floor in addition to an aggregate floor limitation of 10 percent of AGI.

Which of the Following Is a True Statement