Yes, if you were in a federally declared disaster area, you can deduct your total loss (minus $500 and any amount covered by insurance) along with your usual Standard Deduction, whether you amend 2020 or file as usual for tax year 2021. This means you’ll be able to claim non-reimbursed losses over $500 without having to itemize deductions on your taxes. To enter this information:
- Please click on Federal on the left menu bar
- Then select Deductions and Credits from the top
- Scroll down to Other Deductions and Credits and click on Show More
- For Disasters, theft, and other property loss or damage click on Start or Revisit
This TurboTax Help article has additional information and may answer additional questions. Help article disaster relief
Here is a link to the IRS site with information for Tax Relief in Disaster Situations There are multiple entries for Hurricane Ida.
Just to clarify, when you ask about deducting the loss of use for your home, is this money you had to pay to stay elsewhere? Or do you rent out part of the home?
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