I live in a HOA. We were hit by Hurricane Irma. The HOA assessed each homeowner a $1,000 for cleanup . How do I claim a deduction for this loss?
You could claim this as a casualty loss in theory, but you only receive a casualty loss if your loss deduction exceeds 10% of your Adjusted Gross Income for the year, + $100, meaning if your AGI is over $10,001 for 2017, you would have no deductible loss., and it would not be worth your time to enter anything about it.
I live in a HOA. We were hit by Hurricane Irma. The HOA assessed each homeowner a $1,000 for cleanup . How do I claim a deduction for this loss?
You could claim this as a casualty loss in theory, but you only receive a casualty loss if your loss deduction exceeds 10% of your Adjusted Gross Income for the year, + $100, meaning if your AGI is over $10,001 for 2017, you would have no deductible loss., and it would not be worth your time to enter anything about it.
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