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Deductions & credits
@GenX68 This thread is very old. It migrated over when the old Answer Xchange changed to Real Money Talk. Some very old replies came over with 2019 dates--and they are really older.
That information about a casualty loss/insurance deductibles, etc. is no longer relevant since the tax laws changed for 2018 and beyond. You cannot claim a casualty loss on a federal return now unless you are in a federally declared disaster area. So if that was something you are concerned about for your current return--you will not be able to deduct a casualty or theft loss now.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎July 15, 2020
10:27 AM