IRS CCA: Individuals May Deduct Qualified Disaster Losses of Unreimbursed Amounts in Excess of $500, Are Not Subject to an AGI Requirement (IRC §165)

Individuals with qualified disaster losses may only deduct unreimbursed amounts in excess of $500 per casualty and that net casualty losses from qualified disasters do not need to exceed 10% of AGI to qualify for a deduction, the Chief Counsel Office informally advised. The Chief Counsel’s Office stated for taxable years beginning after December 31, 2009, tax code Section 165(h)(1) generally allows individuals to claim a casualty loss deduction to the extent that each casualty loss exceeds $100 but, Section 165(h)(5)(A) provides that individuals may only claim a personal casualty loss in tax years between December 31, 2017, ...