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Question

We had home damage resulting from a hurricane in 2016. Can I deduct our homeowner's insurance deductible?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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TurboTax Premier Online

Level 13

That would be a Casualty loss. Assume that the deductible is the actual loss amount. To determine how much is actually deductible on your taxes, you must first reduce that amount by $100, then you must further reduce the amount by 10% of your adjusted gross income. If there is any loss left after that, then that is the amount that you can deduct as an itemized deduction. If you have a relatively small deductible it is unlikely that you would have anything left to claim.