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 $2,000 loss or insurance deductible, and your Adjusted Gross Income is $40,000, your result would be as follows
After deducting $100, you are left with $1,900 which is well below 10% of your Adjusted Gross Income of $4,000.
Your would therefore not have a 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
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