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zeke_author
Level 1

Casualty Loss due to Camp Fire

In my 2018 tax return I deducted casualty loss of $30,627, which was limited by 10% adjusted gross income back to $21,233. Can I carry over the $9394 to my 2019 return?

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Accepted Solutions
DavidS127
Expert Alumni

Casualty Loss due to Camp Fire

No, the 10% limitation is a "threshold" and anything less than that "10% of AGI" is not allowed as a deduction in any year.

 

Note that "Qualified Disaster Losses" are not subject to the 10% AGI limitation.  So, if your Camp Fire loss was in an area determined by the President to warrant assistance by the federal government under the Stafford Act, the 10% AGI limitation doesn't apply. If that is the case with your disaster loss, you can amend your 2018 tax return to pick up the "less than 10% amount".

 

Click here for more help for California wildfire victims.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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2 Replies
DavidS127
Expert Alumni

Casualty Loss due to Camp Fire

No, the 10% limitation is a "threshold" and anything less than that "10% of AGI" is not allowed as a deduction in any year.

 

Note that "Qualified Disaster Losses" are not subject to the 10% AGI limitation.  So, if your Camp Fire loss was in an area determined by the President to warrant assistance by the federal government under the Stafford Act, the 10% AGI limitation doesn't apply. If that is the case with your disaster loss, you can amend your 2018 tax return to pick up the "less than 10% amount".

 

Click here for more help for California wildfire victims.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

zeke_author
Level 1

Casualty Loss due to Camp Fire

Thank you so much. I guess TurboTax will have to upgrade its software
there. I submitted an amended return today. It will save me $1128!

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