Solved: Can i deduct major damage to my house caused by rain storm?
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Can i deduct major damage to my house caused by rain storm?

 
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Level 7

Can i deduct major damage to my house caused by rain storm?

To deduct a casualty loss such as damage to your home, 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 $10,000 property loss, and your Adjusted Gross Income is $40,000, your result would be as follows

After deducting $100, you are left with $9,900 which is $5,900 above 10% of your Adjusted Gross Income of $4,000.

Your deduction would therefore be $5,900

To claim a property loss

To deduct a casualty loss:

·        Type in casualty loss in the search box, top right of your screen, click the

         magnifying glass

·        Click the jump to casualty loss link in the search results

·        Follow to prompts and online instructions


View solution in original post

1 Reply
Level 7

Can i deduct major damage to my house caused by rain storm?

To deduct a casualty loss such as damage to your home, 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 $10,000 property loss, and your Adjusted Gross Income is $40,000, your result would be as follows

After deducting $100, you are left with $9,900 which is $5,900 above 10% of your Adjusted Gross Income of $4,000.

Your deduction would therefore be $5,900

To claim a property loss

To deduct a casualty loss:

·        Type in casualty loss in the search box, top right of your screen, click the

         magnifying glass

·        Click the jump to casualty loss link in the search results

·        Follow to prompts and online instructions


View solution in original post

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