When Personal-Use Property Is Covered by Insurance,no Deduction Is Available

question 26

True/False

When personal-use property is covered by insurance,no deduction is available for a casualty loss of the property unless the taxpayer timely files an insurance claim for the loss.

---

Definitions:

Ethics

The moral standards of what is “good” and “right” in one’s behaviour.

Family

A group of one or more parents and their children living together as a unit, or broader social units constructed through blood, marriage, or adoption ties.

Community Members

Individuals or entities that are part of a specific group or society, sharing common interests, locations, or characteristics.

Plan's Implementation

The process of putting a planned strategy into action to achieve desired objectives and goals.