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Income Tax Planning
Chapter 7: Itemized Deductions/PERSONAL CASUALTY AND THEFT LOSSES
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 7: Itemized Deductions

PERSONAL CASUALTY AND THEFT LOSSES

01.Core Concepts

• Deduction for personal losses is the lower of: • Decline in value of the asset less insurance proceeds received, or • Taxpayer’s adjusted basis in property, less insurance proceeds received. • Further Limitations • $100 is deducted from the loss caused by each occurrence. • Only casualty losses in excess of 10% of AGI are deductible.