Casualty Loss Floor for 2012

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  • March 4, 2012 at 1:18 am #167592
    Anonymous
    Inactive

    So I am using 2011 materials for Reg and the the casualty loss floor is $500. Did this change back to $100 for 2012?

    Thanks!

Viewing 6 replies - 1 through 6 (of 6 total)
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  • March 4, 2012 at 1:26 am #329941
    Anonymous
    Inactive

    Personal casualty losses are subject to the $100 reduction and 10% AGI limit for tax years 2011 and beyond.

    March 4, 2012 at 3:09 am #329942
    Anonymous
    Inactive

    Thanks!

    Stupid tax law. The $500 floor lasted one year

    March 4, 2012 at 4:03 am #329943
    PunchedInTheGut
    Member

    The 2011 Wiley book is wrong as is the 2011 Yaeger Homestudy. I emailed the Yaeger folks about this last year and they said they had already posted a corerction on their website. It was a little late for me because I figured out during my Reg exam that either the study material was wrong or the AICPA had a question where the right answer was not an option…figured it had to be the former.

    FAR 85
    BEC 85
    REG 70, 72, 84
    AUD 74, 74, 94

    March 5, 2012 at 5:00 am #329944
    jeff
    Keymaster

    What did the 2011 Wiley book have? 100 or 500?

    March 7, 2012 at 4:32 am #329945
    PunchedInTheGut
    Member

    The 2011 WIley book says $500…but if you look at IRS Form 4684 or publication 547 it's definitely $100.

    FAR 85
    BEC 85
    REG 70, 72, 84
    AUD 74, 74, 94

    March 7, 2012 at 4:45 am #329946
    jeff
    Keymaster

    Of course you know that the 2011 Wiley book was using 2010 tax rules, right? Just like the 2012 CPA Exam tests on 2011 tax rules.

    Either buy a new Wiley book or support the site and get some ninja notes and call it good 😉

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