Asked by Marisol Trejo on Jun 03, 2024
Verified
In 2017,the U.S.President declared a federal disaster in Arizona due to wild fires.Hamed lives in the affected area and lost his home in the fires.What choice does he have regarding when he can claim the loss on his tax return?
A) It must be claimed in 2016 if the return has not been filed by the date of the loss.
B) It must be claimed in 2017 if the loss is greater than Hamed's modified adjusted gross income.
C) It may be claimed in 2018 if an election is filed with Hamed's 2017 return.
D) It may be claimed in either 2016 or 2017.
Federal Disaster
An event causing severe damage or distress, officially declared a disaster by the federal government to make federal assistance available.
Tax Return
A document filed with state or federal authorities that reports income, expenses, and other pertinent tax information.
Wild Fires
Uncontrolled fires in wildland areas, often exacerbated by drought, wind, and heat, causing extensive damage to ecosystems and property.
- Comprehend the guidelines for deducting losses due to theft and casualties, specifically in zones declared disaster areas by the federal government.
Verified Answer
Learning Objectives
- Comprehend the guidelines for deducting losses due to theft and casualties, specifically in zones declared disaster areas by the federal government.
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