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Saturday, March 15, 2025
Fl Hurricane Disaster creeit
Claiming Casualty Loss Deductions
If you have experienced losses from hurricane damage, understanding casualty loss deductions is essential:
Eligibility: Losses related to personal property, including homes, vehicles, and personal belongings, qualify for deductions. Businesses can also claim losses, although different regulations may apply.
Filing: Use Form 4684 and report the deductions on Schedule A. Without a “qualified disaster” designation, the 10% AGI rule remains applicable for affected areas at the time of writing.