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 1120 Pc 2018

4684 2018-2025 Form

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in this presentation we will take a look at itemized deductions related to casualty and theft losses for more accounting information and accounting courses visit our website at accounting instruction dot info as we talk about itemized deductions remember that we will only be taking the itemized deductions if the sum of all itemized deductions is greater than of the standard deduction the standard deduction depending on marital status things like single married filing joint currently twelve thousand twenty four thousand respectively the itemized deductions the sum of all of them would need to be over these amounts before we get a benefit from them at all casualty and theft losses casualty and theft losses under the new tax and cuts job act a personal casualty is deductible only if attributable to federally declared disaster area designated by the president in the past this wasn't the case the casualty and theft losses was much more broad now we have a much more narrow definition

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