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I have over $5000 in moving, medical, and damaged property expenses due to a mold infested apartment. Can I deduct this from my 2018 taxes, and if so, how?
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I have over $5000 in moving, medical, and damaged property expenses due to a mold infested apartment. Can I deduct this from my 2018 taxes, and if so, how?
Moving and damaged property from a mold infestation are not deductible. There is no longer a casualty and loss deduction under the new tax laws
If you are itemizing and have other medical expenses and the total of all medical expenses are greater than 7.5% of your AGI you could include the medical expenses in with your other medical expenses. If you do not have total medical expenses in excess of 7.5% of your AGI this will not be deductible.
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I have over $5000 in moving, medical, and damaged property expenses due to a mold infested apartment. Can I deduct this from my 2018 taxes, and if so, how?
Moving and damaged property from a mold infestation are not deductible. There is no longer a casualty and loss deduction under the new tax laws
If you are itemizing and have other medical expenses and the total of all medical expenses are greater than 7.5% of your AGI you could include the medical expenses in with your other medical expenses. If you do not have total medical expenses in excess of 7.5% of your AGI this will not be deductible.
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I have over $5000 in moving, medical, and damaged property expenses due to a mold infested apartment. Can I deduct this from my 2018 taxes, and if so, how?
Personal casualty and theft losses of
an individual, sustained in a tax year beginning
after 2017, are deductible only to the extent
they’re attributable to a federally declared disaster. The loss deduction is subject to the $100
limit per casualty and 10% of your adjusted
gross income (AGI) limitation.
An exception to the rule above, limiting the
personal casualty and theft loss deduction to
losses attributable to a federally declared disaster, applies if you have personal casualty gains
for the tax year. In this case, you will reduce
your personal casualty gains by any casualty
losses not attributable to a federally declared
disaster. Any excess gain is used to reduce losses from a federally declared disaster. The 10%
AGI limitation is applied to any remaining losses
attributable to a federally declared disaster. For
more information, see Disaster Area Losses,
later. https://turbotax.intuit.com/tax-tips/tax-relief/about-casualty-deduction-for-federal-income-tax/L8AV...
Medical expenses are limited to if you itemized deductions on your tax return.The IRS allows you to deduct qualified medical expensesthat exceed 7.5% of your adjusted gross income for 2017 and 2018. Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income. https://turbotax.intuit.com/tax-tips/health-care/can-i-claim-medical-expenses-on-my-taxes/L1htkVqq9
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