I have input damages from Hurricane Harvey and Turbotax is showing a "Standard Deduction" of over $66,000. I assumed that the Standard Deduction would not change and the damages would be itemized as a casualty loss. Why is Turbotax listing the Standard Deduction so high and not listing as itemized deductions?
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Per the IRS Tax Law Provisions for Disaster Areas, "casualty and theft losses are generally deducted on Schedule A, Itemized Deductions, but, you may choose instead to increase your standard deduction by your qualified net hurricane disaster loss if you don’t itemize other deductions on Schedule A."
This provision is part of the Disaster Tax Relief and Airport and Airway Extension Act of 2017.
Per the IRS Tax Law Provisions for Disaster Areas, "casualty and theft losses are generally deducted on Schedule A, Itemized Deductions, but, you may choose instead to increase your standard deduction by your qualified net hurricane disaster loss if you don’t itemize other deductions on Schedule A."
This provision is part of the Disaster Tax Relief and Airport and Airway Extension Act of 2017.
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