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Can I write off my deductible from hurricane Harvey?

 
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Can I write off my deductible from hurricane Harvey?

To deduct a casualty loss, 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 $2,000 loss or insurance deductible, and your Adjusted Gross Income is $40,000, your result would be as follows

After deducting $100, you are left with $1,900 which is well below 10% of your Adjusted Gross Income of $4,000.

Your would therefore not have a deduction.

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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