What Are the General Limits or Floors Placed on Deductible

question 82

Essay

What are the general limits or floors placed on deductible personal casualty losses?

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Definitions:

Demand Instrument

A financial document, like a check or promissory note, that is payable on demand or presentation.

Time Instrument

A financial document that specifies payment to be made at a future date.

Payee

The individual or entity to whom a payment is to be made.

Drawee

A drawee is the party in a transaction, usually a bank, upon whom a check or draft is drawn and is responsible for paying the specified amount.