Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
redj
New Member

I had casualty losses from hurricane Irma in excess of $4000 and also losses from an auto accident of $1000. why do I only see $900 on my return so far??

had casualty losses from hurricane Irma in excess of $4000 and also losses from an auto accident of $1000. why do I only see $900 on my return so far??
1 Reply
Marketstar
Level 7

I had casualty losses from hurricane Irma in excess of $4000 and also losses from an auto accident of $1000. why do I only see $900 on my return so far??

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

For example if you had a $5,000 property loss, and your Adjusted Gross Income is $40,000, your result would be as follows

After deducting $100, you are left with $4,900 which is $900 above 10% of your Adjusted Gross Income of $4,000.

Your deduction would therefore be $900.


About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v