The most extreme category of hurricane is Category 5, where winds exceed 156 mph. Hurricane Andrew, which destroyed large swaths of Miami and south Florida in 1992, was a Category 5 hurricane. In a Category 5 storm, large trees, signs, residential and industrial buildings can be completely demolished.
A taxpayer can only deduct the amount of miscellaneous itemized deductions that exceed 2% of their adjusted gross income. For example, if a taxpayer has adjusted gross income of $50,000 with $4,000 in miscellaneous itemized deductions, the taxpayer can only deduct $3,000, since the first $1,000 is below the 2% floor.
Miscellaneous investment-related itemized deductions. Miscellaneous itemized deductions are generally limited to the amount of expenses over and above 2% of your adjusted gross income (AGI). In other words, thereâs a floor below which you lose the ability to deduct. For example: Say your AGI is $75,000 and you have $3,000 in miscellaneous itemized deductions.