Storm damage is considered a casualty loss.
Here's how to enter a casualty loss
- Go to the Federal Taxes
- Deductions and Credits
- Click “I’ll choose what I work on”
- Scroll down to Deductions and Credits,
- Click start across from Casualties and Thefts
A personal Casualty loss is first reported on Form
4684 (Casualties and Thefts). Personal losses are subject to a $100
subtraction (Line 11) and a subtraction of 10% of your Adjusted Gross Income (
Line 17) on Form 4684 because it is a personal loss. Your loss amount
then goes to line 20 of your Itemized Deductions Schedule A
If your standard deduction is higher than your
Schedule A (Itemized deductions), you will use the standard deduction and
no additional loss will be allowed TurboTax will default to the higher
deduction
This year the standard deduction for :
- Single or Married Filing Separate - $6,300
- Married Filing Jointly or Qualifying Widow(er) -
$12,600
- Head of Household - $9,250
