Make sure you understand the timing of when you can claim the loss. The IRS says you claim it in the year the loss actually happened, but as someone mentioned, for federally declared disasters you have the option to take it in the previous year. Also check your state's tax rules! My state gave additional casualty loss deductions beyond what the federal government allowed when we had flooding. The state didn't have the 10% AGI limitation so we got a much bigger deduction on our state taxes even though the federal deduction was minimal.

One thing I haven't seen mentioned yet is keeping detailed records of your cleanup and restoration costs too. After Hurricane Michael, I learned that reasonable costs for cleaning, repairs, and even temporary storage while dealing with the damage can sometimes be included in your casualty loss calculation. Also, if you're dealing with contaminated floodwater like you mentioned (sewage backup), make sure to document any health-related expenses from exposure. While medical costs aren't part of the casualty loss itself, they might be deductible as medical expenses if they exceed the threshold. For your antique valuation issue, consider reaching out to local auction houses or estate sale companies. Many of them can provide informal estimates based on photos, and having that professional opinion documented in writing adds credibility to your claim. Even if it's not a formal appraisal, it shows you made a reasonable effort to establish fair market value. The key is showing the IRS that you acted in good faith and used reasonable methods to determine values. Your photos of the damage are actually really valuable evidence that many people forget to take, so you're ahead of the game there.

Something nobody mentioned yet - if you're a student, check if you qualify for the American Opportunity Credit or Lifetime Learning Credit for your community college expenses! This could offset some of your tax liability from the delivery work. Also, depending on your total income for the year, you might qualify for the Earned Income Tax Credit which could make a big difference. Most tax software will check this automatically but it's good to be aware of.

Just wanted to add something that really helped me when I started delivery driving - consider opening a business checking account even though you're not technically a "business." Many banks offer free accounts for sole proprietors, and it makes separating your delivery income and expenses SO much cleaner for tax purposes. I use it for all my delivery-related transactions: gas purchases during work hours, car maintenance that's work-related, and I deposit all my delivery earnings there. Then I transfer my "salary" to my personal account after setting aside the tax portion. When tax time comes, you just look at that one account instead of trying to sort through months of mixed personal/work transactions. Also, since you mentioned your car isn't great on gas - definitely track BOTH your actual vehicle expenses (gas, oil changes, repairs) AND calculate the standard mileage deduction, then use whichever gives you a bigger deduction. You can't use both methods in the same year, but you can choose the better option. Sometimes with gas-guzzling cars, the actual expense method works out better than the standard mileage rate!

Don't forget about self-employment taxes! Even if your YouTube business has losses that offset your other 1099 income for income tax purposes, you'll still pay SE tax on the net profit from your existing 1099 work. The SE tax is calculated separately for each Schedule C business - losses from one don't offset SE tax on another. Also, have you looked into an S-Corp election for your profitable 1099 business? At your income level, you might save significantly on SE taxes by taking a reasonable salary plus distributions.

One thing I haven't seen mentioned yet is the importance of timing your equipment purchases strategically. Since you're expecting significant expenses in the early years of your YouTube business, consider using Section 179 expensing or bonus depreciation to deduct the full cost of equipment purchases in the year you buy them, rather than depreciating them over several years. This is especially valuable when you have high income from your other sources that the YouTube losses can offset. For example, if you buy $13.5k worth of camera equipment in year one when your YouTube channel has minimal income, you can potentially deduct the full amount against your W-2 and 1099 income that same year. Also, keep in mind that the IRS looks at the totality of circumstances when determining business vs. hobby status. Even if you show losses in the first few years, factors like time and effort devoted to the activity, expertise you bring, success in similar activities, and expectation of asset appreciation all work in your favor. Since you already have successful business experience with your 1099 work, that demonstrates you understand how to run a profitable business. Just make sure you're treating the YouTube venture like a real business from day one - separate accounts, business plan, marketing efforts, etc. The documentation you create now will be crucial if the IRS ever questions your deductions later.

Just to clarify something I'm seeing in some of the responses - the key date is December 31st of the tax year. If your son turned 18 in December 2023, that means he was 17 at the beginning of 2023 and turned 18 during the year. For Child Tax Credit purposes, he needed to be under 17 at the end of the year (December 31, 2023) to qualify. I had a similar situation when my daughter turned 17 in November a couple years back. I remember being disappointed to lose that credit, but was still able to claim her as a dependent for other purposes. Double-check your son's birthdate against these requirements just to be certain.

I went through this exact situation two years ago when my son turned 18 in November. The age cutoff rules can be really frustrating, especially when you're used to getting certain credits year after year. Just want to add one thing that helped me - make sure you keep detailed records of his college expenses if he's starting school. Even though you lose the Child Tax Credit, education credits like the American Opportunity Tax Credit can actually be more valuable (up to $2,500 vs the $2,000 CTC). You'll want to save all tuition statements, book receipts, and required fee documentation. Also, if your son has any part-time job income, make sure he understands whether he needs to file his own return. The IRS gets copies of his W-2s regardless, so coordination between your returns is important to avoid any complications with dependent claims. The silver lining is that this is typically a one-time adjustment year. Once you navigate it this time, you'll know exactly what to expect going forward!

Pro tip: you can call the IRS automated system at 800-829-1040 and it will tell you if you have any outstanding balances. No need to wait for a human. Just have your SSN and filing status ready. It's how I check if I owe anything before I file each year.

Just wanted to add that you should also check if you have any estimated tax payment requirements for this year to avoid being in this same situation again. Since you had to pay additional taxes on your amended return, it might mean your withholding or estimated payments weren't quite right. The IRS generally expects you to pay as you go throughout the year, either through payroll withholding or quarterly estimated payments. If you end up owing more than $1,000 when you file, you might be subject to underpayment penalties next year even if you pay on time. You can use Form 1040ES to calculate if you need to make estimated payments for the current tax year. Better to stay ahead of it than deal with another surprise balance later!