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Get your taxes done using TurboTax
For tax year 2024, you don't need to itemize to take a deduction for casualties occurring in a federally declared disaster, however the cost is reduced by 500.
There is no 10% of AGI reduction. This was an update in December 2024.
"Personal casualty and theft losses attributable to a qualified disaster loss are not subject to the 10% of the AGI reduction and the $100 reduction is increased to $500. "
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March 29, 2025
5:51 PM