Here are steps to enter you loss information. TurboTax will walk you through the interview questions.
In TurboTax, jump to the entry area for casualty loss:
- Open your return. ...
- Search for "casualty loss" and then click the "Jump to" link in the search results.
- On the Casualties and Thefts (or Stolen or Damaged Items) screen, select Yes.
- Answer the interview questions describing your event.
Individuals may claim their casualty and theft losses as an itemized deduction on Schedule A (Form 1040), Itemized Deductions (or Schedule A
According to the IRS, unrecovered losses will be deductible, as an addition to the standard deduction, without itemizing deductions if Hurricane Ian is designated as a qualified disaster.
The legislation designates Hurricane Ian as a qualified disaster for the purposes of determining tax treatment of certain disaster-related personal casualty losses. “Through no fault of their own, Floridians and many other Americans in the Southeast U.S. are now on an expensive road to recovery following Hurricane Ian.
Tax Relief for Hurricane IAN Victims
Answers to common Questions about Disaster Losses
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