🎯Casualty Losses: 4 MCQs

Responses

1. 

   Evgeniya Rudneva 26 August 2024

   I think its important to state which year this happened in because if this happened before 2018 or after 2025 deductions would be allowed

   1. 

      Nathan Wilcott 6 June 2025

      It was in a declared disaster area so it counts in those years.

2. 

   Evgeniya Rudneva 26 August 2024

   Can you confirm if damages by federally declared disasters are subject to $100 floor? if Q1 we are not using it but in Q4 we are, thank you!

   1. 

      Evgeniya Rudneva 26 August 2024

      please disregard this, looks like $100 floor applies, thank you

3. 

   Sokhom Heng 7 September 2024

   Please assign quizzes that are related to the topic covered. This particular quiz is put under the video lecture of “Gambling and Unemployment” which covered nothing about the casualty losses. That would discourage students to do the quizzes because they are not tested on the topic covered.

   1. 

      Maroun, CPA 10 September 2024

      Hello Sokhom,

      Thank you for your feedback!
      We have a large number of courses, many of which cover similar topics, and we are actively working on better aligning the quizzes with the specific content in each lecture. We understand how this can be discouraging for students when the quiz doesn’t seem directly related to the video, and we are making ongoing improvements to fix this.
      We appreciate your patience and are committed to enhancing the experience for everyone.

4. 

   Sevara Rakhimova 25 December 2024

   4 of the all 5 questions are unrelated to the topic that has been discussed. The Casualty losses is discussed next. If you can re-arrange the quiz questions, it would be greatly appreciated.

   1. 

      Maroun, CPA 26 December 2024

      Hello Sevara,

      I’ve changed the location of the quiz in the Individual Income Tax Course.
      If you are enrolled in another course, please let us know so we can make the appropriate adjustment.
      Thank you for bringing this to our attention!

5. 

   Premika Sri Srinivasan 15 March 2025

   Hi, Here in the question the last year’s losses are given just to confuse isn’t it? I presume that gambling losses are not to be carried forward, if we lose beyond the gambling winnings its gone, right? Do please confirm. thank you

   1. 

      Maroun, CPA 17 March 2025

      Hello Premika,

      You’re exactly right! Gambling losses cannot be carried forward to future tax years. If a taxpayer has gambling losses exceeding gambling winnings in a given year, those extra losses are lost forever and cannot be deducted later.

      In this question, the previous year’s losses ($5,000) were indeed included only to test your understanding. They’re meant as a distractor because they are not deductible in the current year.

      Your understanding is correct!