Solved

How can I maximize my Casualties deduction? My actual losses from Cat 3 Matthew were $5863.00. When I finished my inputs for Casualty losses I came to $1621.00. Why?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

No text available

TurboTax Deluxe 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. If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Deductions and Credits>Casualties and Thefts.

X

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. If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Deductions and Credits>Casualties and Thefts.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**