If personal property is completely destroyed, the casualty loss deduction is still reduced by a floor amount. (Points : 5)
The loss has to exceed $100. IRC 165(h)(1). In addition, the net loss must exceed 10% of your Adjusted Gross Income (unless it is Hurr. Katrina Related). [ IRC 165(h)(2).
Any tax advice included in this written communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed by any governmental taxing
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