NicoleU
New Member

Deductions & credits

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:

  1. Click Federal Taxes
  2. Click Deductions & Credits
  3. Look for Other Deductions and Credits
  1. Casualties and Thefts, click Start
  2. Stolen or Damaged Items: Did you have anything stolen or damaged in 2016?, click Yes
  3. Losses From Fraudulent Investments, click No
  4. 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.