Please help! individual casualty loss, $100 for each loss?

  • Creator
    Topic
  • July 20, 2010 at 7:19 pm #158142
    Anonymous
    Inactive

    I will take REG July23.

    Regarding casualty loss, if there are 2 different types of losses , the deduction is $100 for each loss, or deduction of only $100 for 2 losses together?

    Need fast help.

    Thanks

Viewing 2 replies - 1 through 2 (of 2 total)
  • Author
    Replies
  • July 20, 2010 at 9:38 pm #233909
    NJCPA2B
    Participant

    I took REG 3x and remember this topic….

    The $100.00 loss is per event/incident and not per the number of assets loss.

    Also, the $100.00 deduction doesn't apply to corps.

    BEC=77, FAR=78, REG=73,74,80, AUD=70,69, 84 DONE!

    July 21, 2010 at 7:04 pm #233910
    Anonymous
    Inactive

    Just to support the second poster above…. YES… it is $100/event. This is for 2010 and into the future. I would watch the dates on the exam… and just to be safe, remember it was $500/event in 2009.

    Also… don't forget to apply the 10 percent AGI floor after you apply the $100/event(s).

  • Author
    Replies
Viewing 2 replies - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.