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Don't waste your time. When claiming a loss on your taxes, you have to take $100 right off the top. Then you have to remove another 2% of your AGI from your "loss claim". It's not worth it, and will most likely have ZERO impact on your bottom line tax liability.
It is unlikely to affect your return.It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction. If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Deductions and Credits>Casualties and Thefts.
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