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31 October, 11:21

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 asset is deductible for AGI.

e. None of the choices are correct.

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Answers (1)
  1. 31 October, 11:30
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    A. A casualty loss on personal-use assets is generally not deductible.

    Explanation:

    In the event that your property is personal-use property or isn't totally annihilated, the measure of your casualty loss is the lesser of:

    The adjusted premise of your property, or The diminishing in fair market value of your property because of the casualty
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