Are casualty losses from Hurricane Florence subject to the 10% AGI limitation?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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I selected the button "This event is a federally declared disaster and has a FEMA declaration number" (DR-4393) but this results in no loss as it is less than 10% of my AGI. Should this instead be a qualified disaster subject to the $500 reduction (vs. $100) and no AGI limitation? If so, what button do we select for that - I only see one for a 2016 federally declared disaster. Are updates pending that would allow this or is the 10% AGI limitation correct?

TurboTax Deluxe Windows

Anonymous

The new Tax Cuts and Jobs Act has eliminated the personal casualty and theft loss deduction for tax years 2018 through 2025, except for casualty losses incurred in a federally-declared disaster area. The deduction for declared disaster area losses are subject to the former $100-per-casualty and 10%-of-AGI limitations.

To answer your question yes the 10% AGI limitation still applies.

(Edited 2/17/19 6:45 pm)