316476
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?
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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)
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