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Itemized Deductions Schedule-A


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Old 02-27-2014, 12:42 PM
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$100 Casualty Loss Floor

What is the purpose, or reasoning, behind the $100 floor on personal casualty losses? After reducing the loss by the floor, the 10% of AGI limitation is then applied, which almost always will result in a greater reduction to the loss before arriving at the itemized deduction amount. The $100 floor seems very, very immaterial. Is there something that I'm not understanding regarding the relevance of the $100 floor?



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Old 02-28-2014, 12:12 PM
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Quote:
Originally Posted by rogo View Post
What is the purpose, or reasoning, behind the $100 floor on personal casualty losses? After reducing the loss by the floor, the 10% of AGI limitation is then applied, which almost always will result in a greater reduction to the loss before arriving at the itemized deduction amount. The $100 floor seems very, very immaterial. Is there something that I'm not understanding regarding the relevance of the $100 floor?
agreed.I guess no proper reasoning or logicality. it is just what/because the tax law says.



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