I entered property losses, with values, from Hurricane Irma, but it's still showing "$0" when I finish with that segment. Why?

[Marketstar · Accepted solution]

One possibility:

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

As an example if you had a $3,000 property loss, and your Adjusted Gross Income is $40,000, your result would be as follows

After deducting $100, you are left with $2,900 which is below 10% of your Adjusted Gross Income of $4,000.

Your would therefore have no deduction.

To claim a property loss

To deduct a casualty loss:

·        Type in casualty loss in the search box, top right of your screen, click the

         magnifying glass

·        Click the jump to casualty loss link in the search results

·        Follow to prompts and online instructions