Although there are many losses as the result of Federal & State declared disaster areas, it is not the only loss that can be claimed.
- A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event.
- A theft occurs when someone steals your property.
- A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.
IRS Casualty, Disaster and Theft Losses
Losses are deductible in the year you sustain the loss
To Post to TurboTax
Go to Federal
- Deductions and Credits
- Scroll down to Other Deductions & Credits
- Select Casualties and Thefts
- Did you have anything damaged or stolen? - Yes
- Description & Date
- Property type
- Drop down menu with types of disaster losses.
- Select a Federal or State disaster area
- Final selection None of the above apply.
- Continue
- This completes the posting.
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