To deduct a casualty
loss, you must itemize your deductions on Schedule A. The amount of
your deduction is limited to the amount of the loss that exceeds 10% of your
Adjusted Gross Income after a $100 deductible
As an example if you
had a $2,000 loss or insurance deductible, and your Adjusted Gross Income is $40,000, your result would be as follows
After deducting $100,
you are left with $1,900 which is well below 10% of your Adjusted Gross Income
of $4,000.
Your would therefore not have a deduction.
To claim a property
loss
To deduct a casualty
loss:
·
Type in casualty loss in the search box, top right of your screen, click
the
magnifying glass
·
Click the jump to casualty
loss link in the search results
·
Follow to prompts and online instructions
