Yes. You can claim Casualty and Theft deduction. This deduction covers property that’s damaged as a result of a disaster, such as a storm, flood, fire, car accident, or similar event, and also covers stolen property. Property includes anything you own. Due to the high limits on this deduction, people most often claim this deduction for losses related to their homes, vacation homes, vehicles, and other big-ticket items such as boats and recreational vehicles.
To enter this in TurboTax:
- Go to the "Federal Taxes" tab
- Click on "Deductions & Credit"
- Scroll down to "Other Deductions and Credits" and click on "show more" to the right of it
- Click "Start" next to "Casualties and Thefts" continue to follow the onscreen guide.
