316476
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Spanky
Returning Member

Are casualty losses from Hurricane Florence subject to the 10% AGI limitation?

I selected the button "This event is a federally declared disaster and has a FEMA declaration number" (DR-4393) but this results in no loss as it is less than 10% of my AGI.  Should this instead be a qualified disaster subject to the $500 reduction (vs. $100) and no AGI limitation?  If so, what button do we select for that - I only see one for a 2016 federally declared disaster.  Are updates pending that would allow this or is the 10% AGI limitation correct?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
CynthiaR
New Member

Are casualty losses from Hurricane Florence subject to the 10% AGI limitation?

The new Tax Cuts and Jobs Act has eliminated the personal casualty and theft loss deduction for tax years 2018 through 2025, except for casualty losses incurred in a federally-declared disaster area.  The deduction for declared disaster area losses are subject to the former $100-per-casualty and 10%-of-AGI limitations.  

To answer your question yes the 10% AGI limitation still applies. 

(Edited 2/17/19  6:45 pm)

CynthiaR
New Member

Are casualty losses from Hurricane Florence subject to the 10% AGI limitation?

See edited answer above

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question