[Almost Done]

During studying I’m seeing a floor of $500 as well as a floor of $100, but I can’t seem to understand when the $100 is applied versus when the $500 is applied. I seem to remember the $100 was the standard and now I’m seeing $500 pop up all over the place. Did this change at some point. I’m just confused can someone please clarify? Thanks in advance.

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[nearly_there]

Not sure about the 500. I know the floor is $100 when casualty loss is taken as an itemized deduction on an individual return.

The only thing I can think that it can be is floor for AMT purposes. Could that be it?

FAR - 85 November 2011
AUD - 81 January 2012
REG - 68 March 2012
BEC - 86 April 2012
REG - 92 July 2012

[Almost Done]

Right. $100. That's what I thought all along. BUT, Wiley (Module 36 Section III.E. #'s 4,6 & 7- Page 415 in 2011 edition) say $500. I could just assume based on the answers provided, but I'd rather know outright.

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[StudyHarder]

I haven't seen anything about $500 for the Casualty Loss Section. Just the $100 per casualty loss.

REG - 11/12 - 87
BEC - 12/12 - 84
AUD - 5/13 - 97
FAR - 8/13 - 84

Ethics - DONE

Class of 2012 - 2013

Sending in License as we speak!

[Anonymous]

$100 is the floor.

Source: https://www.irs.gov/pub/irs-pdf/f4684.pdf line 11.

[Anonymous]

@Jreuther381 Oh and contact Wiley, you may get a free product or discount 🙂

[Anonymous]

$100 floor for 2012.

[Almost Done]

Thank you everyone! You guys are great. I love this site

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[Anonymous]

I have seen the $500 floor also. If my memory serves me correct, it is regarding theft, not casualty loss. Casualty loss deals with unexpected acts of nature. The question stated that a certain someone had $800 stolen by a house keepper and $2000 stolen at his palce of work. The individual was able to deduct $300(800-500) + 1500 (2000-500) = 1800. The $1,800 is without consideration of the AGI limit, which also is 10% if I am not mistaken….

[Almost Done]

Interesting. However, IRS form 4684 does not say anything about a $500 floor, it only describes a $100 floor. I think I'm going to stick with $100. Plus, I'm waiting for Wiley to get back to me; I'll post their response when I get it (if they respond).

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[Anonymous]

for tax year 2009 only the floor was $500 (which would have been tested in 2010). In the yaeger lectures for 2011 it actually corrects the fact that the book was misprinted (probably missed getting updated from 2010 to 2011. I don't know if you will get anything free for a book misprint. I know that this year they said if you found any mistakes in the test bank they would do that, but there was no mention of the text book.

[Author]

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