msmith7305
Level 7
03-09-2021
03:53 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am a little confused as to the tax deduction available for Texans due to the freeze. It has been declared a federal disaster area (FEMA DR-4586).
I have heard differing opinions as to whether or not this qualifies for the ability of the taxpayer to take a loss (less $500) even if they do not itemize OR if the only deduction available is if you itemize and the loss (less $100) is subject to the 10% AGI limitation.
Opinions?
Thanks
Labels