Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster.
You cannot deduct a power generator.
You also cannot claim losses covered by insurance unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.
Here's how to enter this in TurboTax:
- Type casualty loss in Search (magnifying glass) in the upper right
- Tap Jump to casualty loss
- Say Yes on “Did you have anything damaged or stolen during a recent federal disaster?"
- On "Casualty or Theft Event" enter a description and date. Choose Personal Property
- Select This event qualifies as a Federally declared major qualified disaster loss, then Continue
- On “Enter your FEMA disaster code," choose DR, and type DR-4673, then Continue
Florida Hurricane Ian DR-4673-FL
Learn more at About Casualty Deduction for Federal Income Tax
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
