Free 2018 Tax Planning2019-01-05T15:05:52+00:00

Free 2018 Tax Planning

Casualty loss

For tax years 2018 through 2025, the personal casualty and theft loss deduction can only be used for casualty losses incurred in a federally declared disaster area. The personal casualty loss is as an itemized deduction, subject to the $100-per-casualty and 10%-of-AGI limitations

Deduction for Loss of Personal Property = Loss Amount – $100 – 10% × Adjusted Gross Income