Question

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.

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 these are true.

Answer 1

The true statement is that personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of AGI.

Step-by-step explanation:

The true statement among the options given is B. Personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of AGI.