Ask the Expert: Sandy deductions, Part 2
Photo credit: Newsday/Thomas A. Ferrara | A member of the charity group Samaritan's Purse helps homeowners on Michigan Street in Long Beach strip their houses, destroyed by superstorm Sandy. (Nov. 18, 2012)
This is the second of a two-part answer explaining the federal tax deduction for nonreimbursed losses from superstorm Sandy.
I wrote last week that casualty losses are deductible only to the extent that they exceed 10 percent of your adjusted gross income. If your income is $100,000, for example, you can only deduct losses above $10,000.
Your deductible loss is also reduced by reimbursements...
