By Joy Taylor
From Kiplinger’s Personal Finance
Question: My home suffered significant damage from Hurricane Ian last year. Can I deduct the loss on my tax return?
Answer: Personal casualty losses of individuals are deductible to the extent the losses are attributable to federal disasters, such as hurricanes, earthquakes, blizzards, wildfires, tornadoes or major flooding that affect a wide area. Hurricane Ian qualifies.
However, there are important limits to the deductibility rule. Generally, only itemizers who file Schedule A with their federal tax return can take a tax write-off for damage to personal property. And two offsets apply. First, you must reduce the amount of the loss by $100. Then, you can deduct the balance only to the extent that it exceeds 10 percent of your adjusted gross income (AGI)….