Yes. You need insurance information to claim the deduction. You must verify reimbursement amount and value of the damaged property.
After applying the $100 reductions, your total casualty loss for the year is reduced again by an amount that equals 10 percent of your adjusted gross income. The net result is the deduction you can claim on your tax return.
Claiming the deduction requires you to complete IRS Form 4684. However, if the casualty loss is not the result of a federally declared disaster, you must be 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.
About Casualty Loss Deduction
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