When you have items that are lost or damaged as a direct result of a natural disaster, and you live in a federally declared disaster area , you may be able to take a casualty loss deduction for the value of the property that is not covered by your insurance.
The lost or damaged items can be personal property, business property or investment property.
In TurboTax, jump to the entry area for casualty loss:
- Open your return. (To do this, sign in to TurboTax and open or continue your return.)
- Search for casualty loss and then click the Jump to link in the search results.
- On the Did you have anything damaged or stolen in 2019? screen, select Yes.
- Answer the interview questions describing your event.
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