Casualty Loss - Federal Disaster Area

[MAJ]

I thought I read if an area is declared a Federal Disaster area the 10% of AGI is waived.

Example:

AGI:$100,000.00
10% 10,000.00

Loss: $40,000.00
Minus $10,000.00 <-- Is the $10,000. waived??

Casualty Loss = $30,000.00 Under normal conditions.

Under Federal Disaster Loss 10% waived and loss = $40,000 ??

[taxea]

I thought I read if an area is declared a Federal Disaster area the 10% of AGI is waived.

Example:

AGI:$100,000.00
10% 10,000.00

Loss: $40,000.00
Minus $10,000.00 <-- Is the $10,000. waived??

Casualty Loss = $30,000.00 Under normal conditions.

Under Federal Disaster Loss 10% waived and loss = $40,000 ??

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