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Deduction Limit Rules
These rules apply to a casualty or theft loss to nonbusiness property.
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$100 Rule |
10% Rule |
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| Definition of Rule | You must reduce each casulty or theft loss by $100 when figuring your deduction. Apply this rule after you reduce your loss by any reimbursement. | You must reduce your total casualty or theft loss by 10% of your adjusted gross income. Apply this rule after you reduce each loss by any reimbursement and by $100 (the $100 Rule). |
| Single Event | Apply this rule only once, even if many pieces of property are affected. | Apply this rule only once, even if many pieces of property are affected. |
| More Than One Event | Apply this rule to the loss from each event. | Apply the rule to the total of all your losses from all events. |
| More
Than One Person With loss from the same event (other than a married couple filing jointly.) |
Apply the rule separately to each person. | Apply the rule separately to each person. |
| Married
Couple With loss from the same event Filing Jointly Filing Separately |
Apply this rule
as if you were one person.
Apply this rule separately to each spouse. |
Apply this rule
as if you were one person.
Apply this rule separately to each spouse. |
| More
Than One Owner (other than a married couple filing jointly.) |
Apply the rule separately to each owner of jointly owned property. | Apply the rule separately to each owner of jointly owned property. |
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| © 2007 |
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480-354-1040 Fax 480-354-1041 Toll Free 877-945-1040 |
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