How can i deduct repairs and expenses associated to home hail damage that insurance did not cover
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maxxwell2015
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How can i deduct repairs and expenses associated to home hail damage that insurance did not cover

 
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Marketstar
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How can i deduct repairs and expenses associated to home hail damage that insurance did not cover

To deduct a casualty or theft 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 casualty loss, and your Adjusted Gross Income is $40,000, you would not gain a tax benefit.

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


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