[calicpa]

do the 100$ per casualty and 10% of AGI limit apply to business or personal casualty losses? I know it only applies to one, but can’t remember which one.

BEC - 84, 4/6/13
AUD - 77, 5/28/13
REG - 83, 4/12/14
FAR - 83, 10/3/13

Ethics - 90% 4/24/13

150 unit education requirement met!
Work experience met!

[jsteinberger]

This is from 2013 CPA Excel…looks like just personal to me.

Casualty losses involving personal assets are eligible for deduction if the total unreimbursed loss exceeds a limit based upon AGI. Casualty losses of business assets are deducted as business losses.

Note:

Any type of property can generate a casualty loss. However, a casualty of business property qualifies as a business loss. Hence, only casualty losses of personal assets are deducted as itemized deductions.

[jeff]

strike 1 🙂

[calicpa]

@Jeff, hes wrong?

BEC - 84, 4/6/13
AUD - 77, 5/28/13
REG - 83, 4/12/14
FAR - 83, 10/3/13

Ethics - 90% 4/24/13

150 unit education requirement met!
Work experience met!

[jeff]

No – you didn't capitalize your post in compliance with my OCD again 🙂

[Anonymous]

no casualty limitation upon business entities

and btw, business entities have no AGI…

[calicpa]

oh sorry forgot again!

BEC - 84, 4/6/13
AUD - 77, 5/28/13
REG - 83, 4/12/14
FAR - 83, 10/3/13

Ethics - 90% 4/24/13

150 unit education requirement met!
Work experience met!

[jeff]

My wife thinks I'm silly.

[Author]

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