Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-06-2009, 05:29 PM
Junior Member
Join Date: Mar 2009
Posts: 1
Post Casualty Loss deduction

I am retired. Last year my AGI was about $41,000. My itemized deductions (before my casualty loss) totaled about $35,000. My obligation to the IRS was about $46. After I added my $7000 casualty loss (after insurance was paid) my obligation was reduced to zero. It appears to me that I am not able to take full tax advantage of all these deductions. Is there any way I can carryover some of my deductions into 2009? Another way to look at it is to ask if I could increase my income for last year in any way so that I could take advantage of all my deductions. Last year I did a $17,000 distribution from my IRA account. If I had only known, I could have done a lot more and not had to pay taxes on it.

Any advice or help would be appreciated.

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

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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
Hurricane Ike casualty loss Nazar Abazajian Miscellaneous 1 03-01-2009 10:55 PM
Home Office Casualty Loss Conundrum rjay2 Sole-Proprietorship 0 08-19-2008 01:59 AM
complex casualty loss deductions strategies cherywon Itemized Deductions 0 03-26-2008 03:41 PM
Section 179 deduction for passive loss luppie Rental Real-Estate 1 09-16-2007 10:54 PM
Can I claim section 179 Deduction if I have a loss in my Corporation? cstatham Depreciation 1 08-22-2007 06:45 PM

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

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