Should I take the casualty loss deduction? I typically do my own taxes using the 1040 EZ form. Last year my apartment was destroyed by a fire. I had insurance, and they estimated my losses at $30K. They paid me approx. $22K.
Is it worth the time and expense (since I'd have to pay someone to do it) to submit the casualty loss form with my return and take any deduction coming to me? I just don't want to go through the expense if it nets me $10!
Thank you,
David |