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.

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Definitions:

Family and Medical Leave Act

U.S. legislation granting eligible employees up to 12 weeks of unpaid leave for certain family and medical reasons, with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave.

Paid Time Off

A policy that gives employees a set amount of days off that are paid by the employer, covering absence for reasons like vacation, illness, and personal time.

Preferred Provider Organization

A managed care organization of medical doctors, hospitals, and other health care providers who have agreed with an insurer to provide health care at reduced rates to the insurer's clients.

Health Care Professionals

Trained and licensed individuals who provide preventive, curative, promotional, or rehabilitative health care services to individuals or communities.