2010 Estimated Taxes and Personal Casualty and Theft Loss

The IRS has made a series of changes that could affect your 2010 estimated tax payments. To keep you informed, we continue our series of blog posts to highlight those changes.

Today’s topic is the decrease in personal casualty and theft loss limit.

According to the IRS, each personal casualty or theft loss is limited to the excess of the loss over $100 (instead of $500). This is in addition, the IRS goes on to say, to the 10% of Adjusted Gross Income (AGI) limit that generally applies to the net loss.