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Casualty & Theft Loss Deduction in Madison, WI 2026

Calculate your casualty & theft loss deduction tax savings in Madison, Wisconsin. With Wisconsin's 7.65% state tax rate, your combined savings are higher.

Wisconsin Tax Context

State Income Tax
7.65%
Local Income Tax
None
Property Tax Rate
1.78%
Tax Burden
Very High

State capital; University of Wisconsin; very high quality of life

$1,483
Est. Total Savings
No Limit
Max Deduction
Itemized
Deduction Type
29.6%
Combined Tax Rate

Casualty & Theft Loss Deduction Savings Calculator for Madison

$
$

Federal Savings

$1,100

22% bracket

Wisconsin State

$383

7.65% rate

Local Tax

$0

0% rate

Total Savings

$1,483

29.6% combined

At a 29.6% combined tax rate in Madison, every $1,000 in deductions saves you $297 in taxes.

Savings by Tax Bracket in Madison

10%
$883
12%
$983
22%
$1,483
24%
$1,583
32%
$1,983
35%
$2,133
37%
$2,233

Includes 7.65% Wisconsin state tax on top of federal savings.

Eligibility Requirements

Victims of federally declared disasters

  • 1Federally declared disaster only
  • 2Exceeds 10% AGI + $100
  • 3Not reimbursed

Wisconsin residents should verify that this deduction is also recognized on their state tax return for additional savings of up to 7.65%.

Common Mistakes to Avoid

  • !Claiming non-disaster losses
  • !Not filing timely
  • !Forgetting to claim the deduction on your Wisconsin state return (missing 7.65% additional savings)

Required Tax Forms

Form 4684Schedule A

File these forms with your federal tax return to claim the casualty & theft loss deduction. Wisconsin may require additional state-specific forms.

Other Tax Deductions in Madison, WI

Mortgage Interest Deduction

Housing

~$4,717
est. savings

Property Tax Deduction

Housing

~$2,965
est. savings

Home Office Deduction

Housing

~$1,617
est. savings

Home Energy Tax Credit

Housing

~$1,800
est. savings

Residential Solar Tax Credit

Housing

~$7,500
est. savings

Military Moving Expenses

Housing

~$5,391
est. savings

PMI Premium Deduction

Housing

~$1,483
est. savings

Mortgage Points Deduction

Housing

~$2,695
est. savings

Casualty & Theft Loss Deduction in Other Wisconsin Cities

Milwaukee, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Green Bay, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Kenosha, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Racine, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Appleton, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Waukesha, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Eau Claire, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Oshkosh, WI

7.65% state tax

~$6,739
+5,256 vs Madison

Calculate Your Full Tax Savings in Madison

Use our free tax calculators to optimize your entire tax return for Wisconsin.

Income Tax CalculatorTaxes in MadisonFull Casualty & Theft Loss Deduction Guide

Frequently Asked Questions

How much can I save with the Casualty & Theft Loss Deduction in Madison, WI?

In Madison, Wisconsin, the casualty & theft loss deduction can save you an estimated $1,483 per year. This includes $1,100 in federal tax savings and $383 in Wisconsin state tax savings. The national average savings is $5,000/year.

What is the Wisconsin state income tax rate for Madison residents?

Wisconsin has a 7.65% state income tax rate. Madison residents have no additional local income tax. State capital; University of Wisconsin; very high quality of life

Who qualifies for the Casualty & Theft Loss Deduction in Madison?

Victims of federally declared disasters. The eligibility requirements are the same whether you live in Madison or elsewhere in the U.S., as this is a federal tax deduction. However, your savings amount will vary based on Wisconsin's 7.65% state tax rate.

What tax forms do I need to claim the Casualty & Theft Loss Deduction in Wisconsin?

To claim the casualty & theft loss deduction, you need to file Form 4684 and Schedule A with your federal return. Wisconsin residents should also check if the state allows this deduction on their state return, which could provide an additional 7.65% savings. Filing status affects your deduction limits and tax bracket.

Is the Casualty & Theft Loss Deduction better in Madison than in states without income tax?

Yes, Madison residents benefit more because Wisconsin's 7.65% state income tax means the deduction reduces both your federal AND state tax liability. In states with no income tax (like Texas, Florida, or Nevada), this deduction only reduces federal taxes. Your combined rate of 29.6% means more savings per dollar deducted.

Related Calculators

Mortgage Interest Deduction in Madison

Avg savings: $3,500/year

Property Tax Deduction in Madison

Avg savings: $2,200/year

Home Office Deduction in Madison

Avg savings: $1,200/year

Home Energy Tax Credit in Madison

Avg savings: $1,800/year

Residential Solar Tax Credit in Madison

Avg savings: $7,500/year

Military Moving Expenses in Madison

Avg savings: $4,000/year