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Casualty and Theft Losses in Madison, WI 2026

Calculate your casualty and theft losses 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 and Theft Losses 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

Available to individuals who suffer losses from federally declared disasters. Since 2018, personal casualty losses are only deductible if attributable to a federally declared disaster.

  • 1Loss must result from a federally declared disaster
  • 2Must reduce loss by insurance reimbursements
  • 3Each casualty loss must exceed $100
  • 4Total losses must exceed 10% of AGI

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 losses not from federally declared disasters
  • !Not filing insurance claims before taking deduction
  • !Incorrect valuation of damaged property
  • !Missing the deadline to amend returns for disaster losses
  • !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 and theft losses. Wisconsin may require additional state-specific forms.

Other Tax Deductions in Madison, WI

Alimony Payments (Pre-2019 Agreements)

Personal

~$24,259
est. savings

Casualty and Theft Loss (Federal Disaster)

Personal

~$20,216
est. savings

Alimony Paid (pre-2019)

Personal

~$6,739
est. savings

Adoption Expenses

Personal

~$10,782
est. savings

Impairment-Related Work Expenses

Personal

~$4,043
est. savings

Tax Preparation Fees (State)

Personal

~$539
est. savings

Casualty and Theft Loss (Federally Declared)

Personal

~$6,739
est. savings

Qualified Disaster Losses

Personal

~$13,477
est. savings

Casualty and Theft Losses in Other Wisconsin Cities

Milwaukee, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Green Bay, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Kenosha, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Racine, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Appleton, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Waukesha, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Eau Claire, WI

7.65% state tax

~$4,043
+2,560 vs Madison

Oshkosh, WI

7.65% state tax

~$4,043
+2,560 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 and Theft Losses Guide

Frequently Asked Questions

How much can I save with the Casualty and Theft Losses in Madison, WI?

In Madison, Wisconsin, the casualty and theft losses 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 $3,000/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 and Theft Losses in Madison?

Available to individuals who suffer losses from federally declared disasters. Since 2018, personal casualty losses are only deductible if attributable to a federally declared disaster.. 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 and Theft Losses in Wisconsin?

To claim the casualty and theft losses, 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 and Theft Losses 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

Alimony Payments (Pre-2019 Agreements) in Madison

Avg savings: $18,000/year

Casualty and Theft Loss (Federal Disaster) in Madison

Avg savings: $15,000/year

Alimony Paid (pre-2019) in Madison

Avg savings: $5,000/year

Adoption Expenses in Madison

Avg savings: $8,000/year

Impairment-Related Work Expenses in Madison

Avg savings: $3,000/year

Tax Preparation Fees (State) in Madison

Avg savings: $400/year