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lowens41
New Member

Can I get credit for out of pocket spending to restore my property after Hurricane Harvey?

 
1 Best answer

Accepted Solutions
Marketstar
Level 7

Can I get credit for out of pocket spending to restore my property after Hurricane Harvey?

To deduct a casualty loss (ie. from a hurricane), 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 $5,000 property loss,and your Adjusted Gross Income is $40,000, your resultr would be as follows

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

Your deduction would therefore be $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

 


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1 Reply
Marketstar
Level 7

Can I get credit for out of pocket spending to restore my property after Hurricane Harvey?

To deduct a casualty loss (ie. from a hurricane), 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 $5,000 property loss,and your Adjusted Gross Income is $40,000, your resultr would be as follows

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

Your deduction would therefore be $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

 


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