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.
Updated for Tax Year 2012. OVERVIEW. Taxpayers are allowed by the IRS to either itemize deductions or take the standard deduction. Itemization takes place on Schedule A. Watch this video to find out more about itemizing deductions. Hello, I'm Jill from TurboTax with important information about using the Schedule A form to itemize your tax deductions.