For a taxpayer that has personal casualty gains, personal casualty losses can still be offset against those gains, even if the losses aren't incurred in a Federally Declared Disaster.
To qualify for Personal Casualty Losses under these guidelines, follow these steps:
- Go to Screen 17, Dispositions (Schedule D, 4797, etc.).
- Scroll down to the Casualties and Thefts (4868) section.
- Enter your Description (fire, robbery, etc.) (code 802).
- Enter a '1' in the field 1=personal, 2=business, 3=income, 4=employee (code 86).
- From the selection options in the field Disaster loss (Ctrl+T) (code 135) select 2018 federal declared disaster.
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Other Articles to Try:
2018 Individual and Business Tax Reform - Summary of Changes (Click Here to view)