You can deduct the cost of repairs caused by Hurricane Harvey and not reimbursed by insurance as a Casualty and Theft loss.
As part of hurricane
tax relief, you can deduct your total loss (minus $500 and any amount covered
by insurance) along with your usual Standard Deduction. This means you’ll be
able to claim everything you lost over $500 without having to itemize deductions
on your taxes.
Make sure to
indicate in the My Info section that you were affected by a hurricane (see
attached screenshot).
TurboTax will make
all the calculations for you.
To enter your loss
in TurboTax, please follow these steps:
- Click on Search on the top right of your
screen
- In the search box, type casualty
loss and click on the magnifying glass icon on the right
- In the search result page,
click on Jump to Casualty loss
- TurboTax will take you
through a questionnaire where you can enter the details of your loss