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Single family home rental property had shed destroyed by Hurricane Florence. No insurance coverage. How do I claim loss? Can replacement be deducted in this year?

 
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2 Replies
Bees
Level 7

Single family home rental property had shed destroyed by Hurricane Florence. No insurance coverage. How do I claim loss? Can replacement be deducted in this year?

were you depreciating it as a separate item on your schedule E.  A new shed would be depreciated also <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71">...>
Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
Leonard
Intuit Alumni

Single family home rental property had shed destroyed by Hurricane Florence. No insurance coverage. How do I claim loss? Can replacement be deducted in this year?

You can claim a casualty loss for your shed destroyed by Hurricane Florence using  Form 4684.  You can access Form 4684 in TurboTax Premier by entering 4684, casualties and theft in the find box then click on Jump to 4684, casualties and theft in the results box.  Follow the program prompts to enter your casualty loss information.  The loss can be taken on your 2018 tax return.

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