You may be able to
claim a casualty & theft deduction, if the heavy rain was connected to a storm.
Per the IRS, "a
casualty occurs when your property is damaged as a result of a disaster such as a storm, fire,
car accident, or similar event."
For more information, please click the following IRS link: https://www.irs.gov/pub/irs-pdf/p547.pdf
In TurboTax, please
do the following:
- Click Federal
Taxes
- Click Deductions
& Credits
- Look for Other
Deductions and Credits
-
Casualties and Thefts, click Start
-
Stolen
or Damaged Items: Did you have anything stolen or damaged in 2016?, click Yes
-
Losses
From Fraudulent Investments, click No
- Casualty
or Theft Event. type in the description and date
You can only claim
casualty tax losses if your loss amounts to more than 10% of your adjusted
gross income. The IRS requires that insurance reimbursement and an additional
$100 are also deducted from the amount you are claiming when taking your
casualty loss deduction.
