Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 65 of 75 a taxpayer loses $100,000 on a h

Question 65 of 75 A taxpayer loses $100,000 on a home due to a landslide....

70.2K

Verified Solution

Question

Accounting

image

Question 65 of 75 A taxpayer loses $100,000 on a home due to a landslide. The region is not impacted by a Presidential Disaster Zone. Is this deductible and where? Yes - It is deductible on the state return, but not on the federal return due to the changes in the TCJA. Yes - It is deductible as a casualty loss on both the federal and the state return. Yes - It is deductible as a casualty loss on the federal return but not the state return. No - Casualty losses not connected to a Presidential Disaster Zone are completely nondeductible at both the federal and state level. Next

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students