To deduct a casualty or theft 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 casualty loss of $2,000, and your Adjusted Gross Income is $40,000, you would not gain a tax benefit.

After deducting $100, you are left with a $1,900 deduction, which is well below 10% of your Adjudged Gross Income of $4,000.

 To enter a casualty loss:

• Type in casualty loss the search box, top right of your screen, then click the magnifying glass

• Click the jump to casualty losslink in the search results

• Follow to prompts and online instructions