If you lose property to a fire, hurricane, storm damage or a thief, you can write off your financial losses on your taxes. You can't take a deduction for anything your insurance pays for.
However, y
ou can claim whatever the insurance doesn't pay for, though, and that figure includes whatever you paid in deductibles.
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
