- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thank you for your detailed response.
I have also done some additional research and found this:
<a rel="nofollow" target="_blank" href="https://www.fool.com/taxes/2017/12/24/these-9-tax-deductions-are-going-away-in-2018.aspx">https://ww...>
Looks like big changes are coming and it will *not* be deductible at all:
4. Casualty and theft losses except in disaster areas
Casualty losses under old law were eligible as itemized deductions to the extent that they exceeded $100 plus 10% of your adjusted gross income. Events included not only natural disasters but also fires, robberies, and other qualifying occurrences. The new law now preserves the deduction only for disasters for which a presidential disaster area declaration was made.
I have also done some additional research and found this:
<a rel="nofollow" target="_blank" href="https://www.fool.com/taxes/2017/12/24/these-9-tax-deductions-are-going-away-in-2018.aspx">https://ww...>
Looks like big changes are coming and it will *not* be deductible at all:
4. Casualty and theft losses except in disaster areas
Casualty losses under old law were eligible as itemized deductions to the extent that they exceeded $100 plus 10% of your adjusted gross income. Events included not only natural disasters but also fires, robberies, and other qualifying occurrences. The new law now preserves the deduction only for disasters for which a presidential disaster area declaration was made.
‎June 4, 2019
7:09 PM