Can i write off my deductible on my homeowners insurance?

Forum|Forum|5 years ago
March 4, 2021
2 replies
4 views

Had 2 claims one for hail damage and the other for water. Can I deduct the deductibles from my taxes?

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xmasbaby0

Level 15

No. Casualty losses were eliminated as deductions on your federal return by the tax laws that changed for 2018 and beyond, except for losses in a federally declared disaster area.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Opus 17

Level 15

Even if the damage occurred due to a federally declared disaster, it is unlikely you will get any benefit. Casualty losses have first, a 10% threshold--you can only deduct the amount that is more than 10% of your income. Then second, a $100 per loss deductible. Then third, it is an itemized deduction and the total of your itemized deductions must be more than your standard deduction to receive any benefit.

For example, if you paid two $1000 deductibles, you first apply the IRS $100 per loss deductible, meaning your tax deduction is $1800. Then, to actually get a benefit on your tax return, you must itemize your deductions and your income would have to be less than $18,000.