Has TT implemented the 2017 special casualty loss rules for Irma and Harvey victims like eliminating the 10% AGI threshold? My refund amt is not changing as I add losses

[TerryA · Accepted solution]

Form 4684 was updated a few weeks ago right after the IRS issued the instructions to handle the qualified disasters, including the $500 subtraction and skipping the 10% of AGI haircut.

When asked to select what type of personal property loss you sustained pick Hurricane <whichever> or California wildfires and it'll happen.

[macuser_22]

A casualty or theft loss must first be reduced by $100, then the total of all casualty losses must be further reduced by 10% of your AGI (Exception for hurricane and disaster victims)  . If there is anything left after that it would be an itemized deduction and would have no benefit to you unless the total of all of your other itemized deductions exceed your standard deduction.

For 2017 the standard deductions are:

Single or filing Married Filing Separately - $6,350
Married Filing Jointly or Qualifying Widow(er) - $12,700
Head of Household - $9,350

(If over 65 or blind add $1,250 - $1,550 if filing single or HOH)



See IRS Publication 547 which can give you all the details of claiming a casualty or theft loss.

http://www.irs.gov/publications/p547/index.html

[imartin3311]

Thank you, however the facts of your response do not answer the core question which is: Has TT updated their program to remove the 10% AGI threshold for hurricane victims of 2017.  Still awaiting....

[imartin3311]

PS.  the total of my other itemized deductions far exceed my related standard deduction