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Deductions & credits
So sorry, but casualty losses are not deductible on your tax return unless the casualty was the result of being in a federally declared disaster area. As stated by Champ @Bsch4477 , you can try to itemize deductions such as mortgage interest and up to $10K of property tax. Itemized deductions have no effect on your refund or tax due unless they exceed your standard deduction.
**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.**
‎December 11, 2024
1:47 PM