A. No. However, for each casualty loss you suffer this year, you must deduct a floor of $100. The $100 casualty loss floor was temporarily raised to $500, but only for the 2009 tax year. It’s back to $100 now. You must subtract $100 before subtracting 10% of your adjusted gross income.
Tip: The $100 and 10%-of-AGI subtractions apply to all personal casualty losses, including those incurred in a federal disaster area.