Which statement is INCORRECT for federally declared disaster are convaltion ? A taxpayer may choose...
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Which statement is INCORRECT for federally declared disaster are convaltion ? A taxpayer may choose to deduct the disaster area casualty loss on the tax return for the year before the year in which the disaster occurred. The replacement period for a taxpayer's main home destroyed or damaged in a federal disaster area ends four years after the close of the first tax year in which any gain is realized. Non-qualified federal disaster losses to personal-use property are not deductible, Losses attributable to qualified disasters are reduced by $500 per event
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