{"id":1867329,"date":"2023-03-04T12:55:53","date_gmt":"2023-03-04T17:55:53","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-to-deduct-property-losses-after-a-hurricane\/"},"modified":"2023-03-04T13:01:13","modified_gmt":"2023-03-04T18:01:13","slug":"how-to-deduct-property-losses-after-a-hurricane","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-to-deduct-property-losses-after-a-hurricane\/","title":{"rendered":"How to Deduct Property Losses After a Hurricane"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhow-to-deduct-property-losses-after-a-hurricane%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1867329&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div>\n<p><em>Joy Taylor<\/em><br \/> <em>Kiplinger&#8217;s Personal Finance<\/em><\/p>\n<p><b><em>Ask a question<\/em>:<\/b> Last year, Hurricane Ian caused significant damage to my home. How can I claim the tax loss from my return?<\/p>\n<p><b><em>Answer<\/em>:<\/b> Individual personal casualty loss is deductible to the extent that it&#8217;s attributable federal disasters such as earthquakes and blizzards. Hurricane Ian qualifies.<\/p>\n<p>The deductibility rules have important restrictions. You can only claim a tax writeoff for personal property damage if you file Schedule A. There are two types of offsets. The first is to reduce the loss amount by $100. Next, reduce the loss by $100. Then subtract the balance if the total exceeds 10% of your adjusted Gross Income (AGI).<\/p>\n<p>Let&#8217;s say that you have $25,000 of uninsured loss due to damage done by Ian to your home. Your AGI is $150,000. First, subtract $100 from your $25,000. Next, you&#8217;d subtract $100 from $25,000. This is Schedule A&#8217;s remaining amount that you are allowed to deduct. To calculate and report your IRS Form 4684, use the IRS Form 2684.<\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p> Continue reading more <a href=\"https:\/\/www.theepochtimes.com\/how-to-deduct-property-losses-after-a-hurricane_5099696.html?utm_source=partner&#038;utm_campaign=conservnewsd\">How to Deduct Property Losses After a Hurricane<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joy Taylor Kiplinger&#8217;s Personal Finance Ask a question: Last year, Hurricane Ian caused significant damage to my home. How can I claim the tax loss from my return? Answer: Individual personal casualty loss is deductible to the extent that it&#8217;s attributable federal disasters such as earthquakes and blizzards. Hurricane Ian qualifies. The deductibility rules have &hellip;<\/p>\n","protected":false},"author":202,"featured_media":1895291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[20481,16197,4342,10067],"class_list":["post-1867329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-deduct","tag-hurricane","tag-losses","tag-property"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1867329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1867329"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1867329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1895291"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1867329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1867329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1867329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}