To deduct a casualty loss, you must itemize your deductions on Schedule A. The amount of your deduction is limited to the amount of the loss that exceeds 10% of your Adjusted Gross Income after a $100 deductible

As an example if you had a $5,000 property loss, and your Adjusted Gross Income is $60,000, your result would be as follows

After deducting $100, you are left with $4,900 which is below 10% of your Adjusted Gross Income of $6,000.

Your would therefore have no deduction.

To claim a property loss

To deduct a casualty loss:

·        Type in casualty loss in the search box, top right of your screen, click the

         magnifying glass

·        Click the jump to casualty loss link in the search results

·        Follow to prompts and online instructions

If it's a "qualified" Hurricane Harvey, Irma or Maria disaster, the subtraction is $500 and is not subject to the 10% of AGI rule. The amount of the loss on line 15 of Form 4684 goes to Schedule A line 28 and is added to the other itemized deductions, or to the standard deduction if that is larger, and from there to Form 1040 line 40.