Yes, you would be able to claim a casualty loss for your RV.
If you have no insurance, then the entire replacement
cost will be considered the amount of the casualty loss.
A casualty loss is damage, destruction, or
property loss resulting from one of these identifiable events:
- Sudden event -- swift, rather
than gradual or progressive
- Unexpected event --
ordinarily unanticipated and unintended
- Unusual event -- not a
day-to-day occurrence
So, you can only deduct losses not reimbursed or reimbursable by
insurance or other means. You'll need to subtract $100 from each casualty loss of personal property. The total
of your casualty and theft losses on personal property must be more than
10% of your adjusted gross income (AGI) in order for it to be deductible.
Here is a link for
additional information about reporting your casualty loss: Casualties, Disasters and Theft
and Casualty
Deductions for Federal Income Tax
To
enter this transaction in TurboTax, log into your tax return (for TurboTax
Online sign-in, click Here and click
on "Take me to my return") type "casualty loss" in the search bar then select "jump to casualty loss". TurboTax
will guide you in entering this information.
