Casualty Losses

I incurred a casualty loss when I was in a car accident . How much can I deduct ?


A casualty or theft loss can be deducted if it is a qualified casualty and the total amount of the loss, minus $100, is more than 10% of your Adjusted Gross Income. Speak to your local CPA about the loss and for his help preparing IRS Form 4684
Answer Provided by: CPAdirectory

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