Skatter wrote:Still don't have an answer.
Here's what the revision to the Code says in Sec. 165(h)(5)(A):
"In the case of an individual, except as provided in subparagraph (B), any personal casualty loss which (but for this paragraph) would be deductible in a taxable year beginning after December 31, 2017, and before January 1, 2026, shall be allowed as a deduction under subsection (a) only to the extent it is attributable to a Federally declared disaster (as defined in subsection (i)(5))"
There's no mention of theft loss in that sentence. Can I infer the change relates only to personal casualty losses?
CathysTaxes wrote:I attended a webinar this week that said theft losses had the same changes.
Personal casualty loss
The term “personal casualty loss” means any loss described in subsection (c)(3). For purposes of paragraph (2), the amount of any personal casualty loss shall be determined after the application of paragraph (1).
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
(h) Treatment of casualty gains and losses
(1) Dollar limitation per casualty
Any loss of an individual described in subsection (c)(3) shall be allowed only to the extent that the amount of the loss to such individual arising from each casualty, or from each theft, exceeds $500 ($100 for taxable years beginning after December 31, 2009).
Harry Boscoe wrote:The statutory language "...if such losses arise from fire, storm, shipwreck, or other casualty, or from theft" is a masterful piece of lousy draftspersonship.
I'll drink to that one. It goes one step beyond the Oxford comma, discussed elsewhere.
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