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??
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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??
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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.


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