You'll need to sign in or create an account to connect with an expert.
Without being able to look at your return, I can only make a guess at the issues you are having.
However, given the high income floor for casualty losses, this may likely be the reason you are not seeing any casualty loss. (I am assuming the losses are personal)
Casualty losses from personal property must be reduced 100 dollars on each listed item with a loss, and the total loss must be greater than an amount that is equal to 10% of your adjusted gross income before any of the loss is deductible. For example, if your income is over 100k, you would need a loss of 10,001 dollars after all of the 100 dollar reductions before a single dollar of the loss would be deducted
Without being able to look at your return, I can only make a guess at the issues you are having.
However, given the high income floor for casualty losses, this may likely be the reason you are not seeing any casualty loss. (I am assuming the losses are personal)
Casualty losses from personal property must be reduced 100 dollars on each listed item with a loss, and the total loss must be greater than an amount that is equal to 10% of your adjusted gross income before any of the loss is deductible. For example, if your income is over 100k, you would need a loss of 10,001 dollars after all of the 100 dollar reductions before a single dollar of the loss would be deducted
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Agately
New Member
taymcneal15
New Member
g-r-land
New Member
margomustang
New Member
tucow
Returning Member