7 Out of 10 Americans Lost These Tax Breaks When They Filed Last Year

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7. Casualty losses

They are limited to a $100 threshold per loss event (this works like a deductible) and an overall amount that must exceed 10 percent of your AGI in order to take the deduction. Everything related to property damage from natural disasters, accidents, fires and more can be deducted.

So, a casualty doesn’t include normal wear and tear or progressive deterioration, according to the IRS. In other words, the unfortunate event must be identifiable, unexpected, and unusual (car accidents, disaster-related demolition, earthquakes, fires, floods, hurricanes, shipwrecks, storms, terrorist attacks, tornadoes, vandalism, or volcanic eruptions).

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