Question

Are personal use property casualty gains and losses subject to the § 1231 rules?

1) Yes
2) No

Answer 1

No, personal use property casualty gains and losses are not subject to the § 1231 rules. They are instead subject to other provisions of the tax code.

Step-by-step explanation:

No, personal use property casualty gains and losses are not subject to the § 1231 rules.

Section 1231 of the Internal Revenue Code applies to gains and losses from the sale or exchange of property used in a trade or business. It does not apply to personal use property, which is not used in a trade or business.

Personal use property casualty gains and losses are instead subject to other provisions of the tax code, such as those related to personal casualty and theft losses.