The National Directory of Certified Public Accountants

Ask A CPA - Casualty Losses

I Incurred A Casualty Loss When I Was In A Car Accident . How Much Can I Deduct ?

A casualty or theft loss can be deducted if it is a qualified casualty and the total amount of the loss, minus $100, is more than 10% of your Adjusted Gross Income. Speak to your local CPA about the loss and for his help preparing IRS Form 4684

If you need professional help with "Casualty Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.