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Deduction question

Forum|Forum|7 years ago
June 4, 2019
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My uninsured hurricane losses in "other" deductions do not show up on schedule A an do not reduce my taxes.?? why is this??

TurboTax Free Edition Online

Best answer by xmasbaby0

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.

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xmasbaby0Answer

Employee

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.

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