Form 4684

Forum|Forum|1 year ago
March 10, 2025
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Form 4686 line 17 input is 10% of AGI and if the loss doesn't exceed that no deduction is allowed. According to the Federal Disaster Tax relief act of 2023 individuals can deduct uninsured personal losses in excess of $500 without regard to the 10% of AGIoffset

DawnC

Employee

The forms have not been finalized yet. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 is partially back in effect. This means that the 10% deductible for casualty losses that occurred between January 1, 2020, and February 10, 2025, has been suspended. You can now claim a casualty loss without itemizing your other deductions. For losses that occurred between 2020 and 2023, you'll need to amend your prior return to claim the loss under the new rules. For losses that occurred in 2024, TurboTax and the IRS aren't currently ready to accept returns that follow the new rules. If the form has not been finalized by tax day, file an extension. Or you can file now and amend later. See this TurboTax FAQ

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