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smorasca16
April 3, 2025
Question

are casualty loosed limited by adjusted gross income

  • April 3, 2025
  • 1 reply
  • 0 views
loses

    1 reply

    V
    Vanessa A
    April 3, 2025

    Casualty losses are not allowed under current federal tax law unless they are from a federally declared disaster area. 

    For the qualified disaster loss, it is limited to your AGI.  It can reduce it to zero, but not below. 

    If you are asking about state, which state?

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