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Get your taxes done using TurboTax
I am sorry to hear you had to have a claim on your home. I have a few questions to make sure we get you the proper answers.
- Was the damage due to a casualty and/or theft?
- If so, these used to be deductible if you were able to itemize your deductions. With the Tax Cuts and Jobs Act, these were removed for tax years 2018-2025 unless they are made permanent with new legislation.
- Was the damage due to a Federally Declared Disaster?
- If yes, you are allowed to take the deduction for amounts over the reimbursements. Here is a link to some great FAQs on this topic Federally Declared Disaster Loss FAQs
I hope this sheds some light on what can and cannot be deducted on this type of claim.
‎November 16, 2022
12:28 PM