Itemized deductions

Question 1

Casualty loss rules

Answer 1

The loss is the LESSER of:
-The adjusted basis before the loss/theft
or
-The decrease is FMV because of loss/theft minus any insurance/reimbs

Then there are two limits after that:

• Reduce each loss/theft by $100
• Then reduce the total of all loss/thefts by 10% of AGI

Question 2

Home mortgage interest deduction

Answer 2

Before 2017, up to $100,000

After 2017, up to $750,000