Solved: Can we claim out 2500 decductible on a 15k worth of hail damage to our home?
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Can we claim out 2500 decductible on a 15k worth of hail damage to our home?

 
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Can we claim out 2500 decductible on a 15k worth of hail damage to our home?

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 $2,500 property loss (or deductible paid), and your Adjusted Gross Income is $40,000, your result would be as follows:

After deducting $100, you are left with $2,400 which is well below 10% of your Adjusted Gross Income of $4,000.

Your would therefore have no deduction.

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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Highlighted
Level 7

Can we claim out 2500 decductible on a 15k worth of hail damage to our home?

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 $2,500 property loss (or deductible paid), and your Adjusted Gross Income is $40,000, your result would be as follows:

After deducting $100, you are left with $2,400 which is well below 10% of your Adjusted Gross Income of $4,000.

Your would therefore have no deduction.

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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