Which of the following is a true statement?
A. A casualty loss can only occur from storm damage.
B. Personal casualty losses are subject to a per casualty floor limitation and an aggregate floor limitation of 10 percent of AGI.
C. Individual casualty losses are only deductible if each individual loss exceeds $5,000.
D. Uninsured thefts of personal assets are not included with casualty losses.
E. All of these are true.
Answer: B. Personal casualty losses are subject to a per casualty floor limitation and an aggregate floor limitation of 10 percent of AGI.