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 $5,000 property loss,
and your Adjusted Gross Income is $60,000, your result would be as follows
After deducting $100, you are left with $4,900 which is below 10% of your Adjusted Gross Income of $6,000.
Your would therefore have no 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
