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:

Productive

Having the power to produce; effectively generating goods, services, or results.

General Adaptation Syndrome

A model describing the body's short-term and long-term reactions to stress, consisting of three stages: alarm, resistance, and exhaustion.

Physiological Damage

Harm caused to the normal functions and structures of an organism's body.

Stress Management

A wide spectrum of techniques and psychotherapies aimed at controlling a person's levels of stress, especially chronic stress, for the purpose of improving everyday functioning.