DawnC
Expert Alumni

Deductions & credits

It is an itemized deduction, but you don't have to itemize to take the credit.  If you have a qualified disaster loss you may elect to deduct the loss without itemizing your deductions.   Your net casualty loss doesn't need to exceed 10% of your adjusted gross income to qualify for the deduction, but you would reduce each casualty loss by $500 after any salvage value and any other reimbursement.  Look for Schedule A, line 15 and Form 4684.  

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