 Income tax 2021-2022, casualty and theft losses. Get ready to get refunds to the max. Dive in to income tax 2021-2022. Most of this information can be found on the Schedule A Instructions Tax Year 2021 on the IRS website at irs.gov, irs.gov. Income tax formula looking at the itemized deductions keeping them distinct from the adjustments to income or the above the line deductions, deductions for AGI, noting that the itemized deductions will only be taken if greater than the standard deduction. Page one of the form 1040 looking at line 12A standard deduction or itemized deduction. Here is the Schedule A for the itemized deductions. The list of itemized deduction categories on the left-hand side, total of the itemized deductions only being taken if greater than the standard deduction in which case the total flowing back on over to page one form 1040 line 12A. Here is a list of the standard deductions just to have an idea in your mind of what the standard deductions are to determine whether or not someone would be able to itemize. We are looking at the casualty and theft losses. Now note that there has been a big restriction in the deductibility of the casualty and theft losses a couple of years ago. So you might have some people that come in and say, hey, I've got this casualty and theft loss and trying to think about it in terms of the old kind of laws related to it. And so they're much more restrictive in the current case. So you want to keep that in mind in case you have questions coming up. Complete and attach form 4684 to figure the amount of your loss. Only enter the amount from form 4684 line 18 on line 15. So note that if you have some more questions about it, then you could take a look at the instructions for form 4684 as a place to go, which you could find on the IRS website. In general, casualty and theft losses, you can only deduct personal casualty and theft losses attributable to a federally declared disaster to the extent that. So this is one of the major kind of restrictions in general with regards to the losses. We got the federally declared disaster. There have been federally declared disasters. So it depends on your location as to whether that be applicable or not. If you're in an area that has had a federally declared disaster and you're doing taxes within an area such as that, then this is something that you would typically want to be brushing up on in that instance. So number one, the amount of each separate casualty or theft loss is more than $100 and two, the total amount of all losses during the year reduced by the $100 limit discussed in one is more than 10% of the amount on form 1040 or 1040 SR line 11. That's the adjusted gross income line. That's typically the line that's going to be used when you have these kind of comparisons to income levels and so on. See the instructions for form 484684 and publication 547 for more information. So if you want to dive down on more information, we're not going to dive down too deeply here on it because it has been, you know, somewhat limited a lot, but if it's applying to you, IRS website form 4684 and or publication 547 found on the IRS website, irs.gov, irs.gov.