Questions & Answers

What happens if I have a loss due to a qualified disaster?

There are different rules for figuring your loss if it was due to a qualified disaster. Here are some differences:

  • You can take the loss even if you take the Standard Deduction instead of itemizing.
  • If you itemize, the loss doesn't need to be more than 10% of your adjusted gross income (AGI).
  • The $100 limitation per casualty is increased to $500.
  • There are some changes to calculating the alternative minimum tax (AMT).

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