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.
If your itemized deductions total more than your standard deduction, you should itemize your deductions. In order to itemize deductions on your income tax returns follow these steps.nly those expenses, which exceed 7.5% of your gross adjusted income, may be itemized. To calculate the amount you may itemize: 1  Take your adjusted gross income, as reported on line 38 of IRS form 1040, and multiply it by .075. 2  Subtract that number from your total qualified medical and dental expenses.