Why does my casualty loss not affect my total amount of tax?

djen933091 · ‎June 6, 2019

This was a theft loss.

Coleen3 · ‎June 6, 2019

It is very difficult to have a loss great enough to actually help you. There are two floors on the form itself. The first $100 doesn't count and next the 10% of AGI floor usually does not allow you to take the deduction. For example, you had a $3000 loss but your AGI is $40,000.

$3000-$100-$4000 is less than zero.

Even if you do manage to get a deduction there, you still must have enough to itemize. If your standard deduction ends up being more, the program will give you the more beneficial deduction.

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Coleen3 · ‎June 6, 2019

It is very difficult to have a loss great enough to actually help you. There are two floors on the form itself. The first $100 doesn't count and next the 10% of AGI floor usually does not allow you to take the deduction. For example, you had a $3000 loss but your AGI is $40,000.

$3000-$100-$4000 is less than zero.

Even if you do manage to get a deduction there, you still must have enough to itemize. If your standard deduction ends up being more, the program will give you the more beneficial deduction.