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