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 personal-use assets is deductible for AGI.
E)All of the choices are true.

Question

Quizplus · Accepted Answer

Casualty losses on personal-use assets are generally not deductible, except for certain federally declared disasters. This rule changed with 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