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tisig
New Member

I have a casualty loss from Irma and have entered the data & checked the Irma box but credit does not show on return.

 
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Accepted Solutions
Phillip1
New Member

I have a casualty loss from Irma and have entered the data & checked the Irma box but credit does not show on return.

Without being able to look at your return, I can only make a guess at the issues you are having.

However, given the high income floor for casualty losses, this may likely be the reason you are not seeing any casualty loss. (I am assuming the losses are personal)

Casualty losses from personal property must be reduced 100 dollars on each listed item with a loss, and the total loss must be greater than an amount that is equal to 10% of your adjusted gross income before any of the loss is deductible. For example, if your income is over 100k, you would need a loss of 10,001 dollars after all of the 100 dollar reductions before a single dollar of the loss would be deducted

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2 Replies
tisig
New Member

I have a casualty loss from Irma and have entered the data & checked the Irma box but credit does not show on return.

Because the damage from Irma was in a Federal Disaster Area, the 10% floor has been waived as well as the requirement that the loss be taken as a deduction.  It is supposed to be a credit in a Federally declared disaster area.
Phillip1
New Member

I have a casualty loss from Irma and have entered the data & checked the Irma box but credit does not show on return.

Without being able to look at your return, I can only make a guess at the issues you are having.

However, given the high income floor for casualty losses, this may likely be the reason you are not seeing any casualty loss. (I am assuming the losses are personal)

Casualty losses from personal property must be reduced 100 dollars on each listed item with a loss, and the total loss must be greater than an amount that is equal to 10% of your adjusted gross income before any of the loss is deductible. For example, if your income is over 100k, you would need a loss of 10,001 dollars after all of the 100 dollar reductions before a single dollar of the loss would be deducted

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