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It's not that simple to enter a casualty loss. You have to follow the steps and answer the questions. The loss is determined by changes in fair market value, not just a set figure of out of pocket expense. You may find it's not worth wading through it because $100 is deducted from your loss amount and then 10% of your Adjusted gross Income is subtracted. If your AGI is over $10,000, you would have no deductible loss.
It's not that simple to enter a casualty loss. You have to follow the steps and answer the questions. The loss is determined by changes in fair market value, not just a set figure of out of pocket expense. You may find it's not worth wading through it because $100 is deducted from your loss amount and then 10% of your Adjusted gross Income is subtracted. If your AGI is over $10,000, you would have no deductible loss.
The Casualty and Theft section is available (test done using Deluxe edition with a $1,000 loss)
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