Deduction question

theber · ‎June 4, 2019

My uninsured hurricane losses in "other" deductions do not show up on schedule A an do not reduce my taxes.?? why is this??

xmasbaby0 · ‎June 4, 2019

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 4, 2019

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**