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.
This deduction amount, however, cannot exceed the basic standard deductions for the dependent taxpayerâs filing status. Itemized deductions. Although most taxpayers claim the standard deduction, all taxpayers may choose to itemize deductions and claim that amount if it is larger than their allowable standard deduction amount. You must file Form 1040 and Schedule A to itemize. Some itemized deductions are limited based on a taxpayerâs adjusted gross income, or AGI.