Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-27-2014, 12:42 PM
Junior Member
 
Join Date: Feb 2014
Posts: 4
$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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-28-2014, 12:12 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Casualty Loss??? MelissaHopkins1234 Rental Real-Estate 1 05-23-2013 01:34 AM
Should I take the casualty loss deduction? dwd1234 Itemized Deductions 1 03-02-2011 06:44 AM
casualty loss on foreign residence ledrage Itemized Deductions 0 06-25-2009 07:16 PM
Casualty Loss deduction [email protected] Itemized Deductions 0 03-06-2009 05:29 PM
Hurricane Ike casualty loss Nazar Abazajian Miscellaneous 1 03-01-2009 10:55 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.