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Deductions & credits
You may not see a tax deduction for your casualty loss as your loss is only $750.
The first $100 of loss is not tax-deductible, but the remainder of the loss is tax-deductible only to the extent that it exceeds 10% of your adjusted gross income.
Please read this TurboTax blog for more information.
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‎February 23, 2025
9:30 AM