MaryK4
Employee Tax Expert

Deductions & credits

You can enter that as a Property and Casualty Loss.  TurboTax will ask the questions to get the information for the forms and deductible amount.

 

If you have a qualified disaster loss you may elect to deduct the loss without itemizing your deductions. Your net casualty loss doesn't need to exceed 10% of your adjusted gross income to qualify for the deduction, but you would reduce each casualty loss by $500 after any salvage value and any other reimbursement. Casualty losses are deductible in the year you sustain the loss, which is generally in the year the casualty occurred.

 

See About Casualty Deduction for Federal Income Tax for more information.

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