Yes, that's correct. Claiming the casualty and theft deduction is not limited to federally declared disasters.
However, if the casualty loss is not the result of a federally declared disaster, you must itemize your deductions to claim the loss.
- Generally, you itemize deductions on Schedule A of your tax return if your itemized deductible expenses for the year exceed the standard deduction amount for your filing status.
Losses from Ponzi-type investment schemes, page 6 - Special rules may apply to theft losses from Ponzi-type investment schemes. For more information, see the Instructions for Form 4684PDF. Additionally, review Help for Victims of Ponzi Investment Schemes and Publication 547.
To enter your qualified casualty loss in TurboTax, jump to the entry area for casualty loss:
- Open or continue your return in TurboTax
- Search for casualty loss and then click the Jump to link in the search results
- On the Casualties and Thefts screen, select Yes to the question Do you want to work on your 2022 casualties and thefts now?
- Answer the interview questions describing your event
When you complete the event and reach the Property Summary screen, you can enter any additional property losses by selecting the Add a Property button.
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