Test $-$ Intermediate Casualties $(2025)$

Miscellaneous

uestion $14$ of $15.$

Wich statement is CORRECT for federally declared disaster area casuallies?

A taxpayer may choose to deduct the disaster area casualty loss on the tax return for the year before the year in which the disaster cccurned.

The taxpayer has three years affer the due date of the casualty$-$year tax return to file an amendment to claim a disaster area casualty for the preceding year.

Taxpayers can claim a casualty if a state or local government orders a taxpayer to tear down or relocate their home within two years of a federally deciared disaster.

Grants received under the Disaster Relief and Emergency Assistance Act are taxable for both federal and state.

Mark for follow up

stion $15$ of $15.$

Ified disaster relief payments include payments recelved for the following reasonable and necessary expenses incurred, EXCEPT:

zepair or replacement of the contents of a personal residence.

lepair or rehabilitation of a personal residence.

ersonal, family, living, or funeral expenses.

come replacement.