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.
Other than above-the-line deductions covered above, the rest are tax breaks you can only take if you itemize. In effect, by itemizing you're foregoing the standard deduction (you canât get both), and opting to take the specific deductions you list on your tax return. Some of the more common itemized deductions include:1  Mortgage expense â This can include mortgage interest and mortgage insurance premiums.ther than above-the-line deductions covered above, the rest are tax breaks you can only take if you itemize. In effect, by itemizing you're foregoing the standard deduction (you canât get both), and opting to take the specific deductions you list on your tax return. Some of the more common itemized deductions include: