Are Casualty and Theft Losses Deductible? Find Out Here

QUESTION REVIEWING 20F 5 ANSWER INCORRECT . _ deductible only to the extent of casualty gains Casualty and theft losses on personal use property in federally declared disaster areas are ________ . 0 YOU WERE UNSURE AND INCORRECT not deductible . THE CORRECT ANSWER deductible as itemized deductions on Schedule A O a deduction for AGI on Form 1040 O IDON'T KNOWYET WHATYOU NEED TO KNOW Casualty and theft losses on personal use property are not deductible, as a general rule. Howeven casualty and theft losses on personal use property in federally declared disaster areas are deductible as itemized deductions on Schedule A if the losses are attributed to the disaster.