Casualty Loss deduction I am retired. Last year my AGI was about $41,000. My itemized deductions (before my casualty loss) totaled about $35,000. My obligation to the IRS was about $46. After I added my $7000 casualty loss (after insurance was paid) my obligation was reduced to zero. It appears to me that I am not able to take full tax advantage of all these deductions. Is there any way I can carryover some of my deductions into 2009? Another way to look at it is to ask if I could increase my income for last year in any way so that I could take advantage of all my deductions. Last year I did a $17,000 distribution from my IRA account. If I had only known, I could have done a lot more and not had to pay taxes on it.
Any advice or help would be appreciated. |