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A personal use property casualty loss is generally deductible only to the extent it exceeds 10% of AGI. True or False?

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Final answer:

A personal use property casualty loss is generally deductible only to the extent it exceeds 10% of AGI.

Step-by-step explanation:

A personal use property casualty loss is generally deductible only to the extent it exceeds 10% of the Adjusted Gross Income (AGI). Therefore, the statement is True. When a personal use property, such as a house or car, is damaged or destroyed due to a casualty event like a fire or natural disaster, the owner may be able to claim a tax deduction for the loss. However, the deduction is subject to certain limitations.

One of the limitations is that the deductible amount must exceed 10% of the taxpayer's AGI. For example, if a taxpayer's AGI is $50,000 and they experience a personal use property casualty loss of $6,000, they would only be able to deduct $1,000 (10% of $50,000) from their taxable income.

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