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Deductions & credits
Per the IRS Tax Law Provisions for Disaster Areas, "casualty and theft losses are generally deducted on Schedule A, Itemized Deductions, but, you may choose instead to increase your standard deduction by your qualified net hurricane disaster loss if you don’t itemize other deductions on Schedule A."
This provision is part of the Disaster Tax Relief and Airport and Airway Extension Act of 2017.
June 3, 2019
10:15 AM