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Hurricane Ian DR-4673-FL casualty loss question: We have a significant loss on a rental unit (decrease FMV of $321,250) Will TurboTax automatically switch us to Itemized?
Looks like 10% of our AGI might get subtracted from the Decrease or Loss in Fair Market Value- not sure for this disaster. TurboTax is showing a refund vs. an amount we owe, so this is great. But is there a limit to the loss amount, and if so, is there a Net Operating Loss that get carried over to the next tax year automatically by TurboTax?
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March 13, 2023
2:45 PM