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Yes, you can report the losses on Schedule A under casualty losses. You have to be able to itemize deductions instead of taking the standard deduction to claim these losses.
Deductible casualty losses can result from a variety of causes such as car accidents, earthquakes, floods, fire, hurricanes, or vandalism.
Casualties that are not deductible losses include progressive deterioration such as termite or moth damage. Also the loss of a personal belonging, like a ring that is dropped in the garbage disposal, is not deductible.
In TurboTax, jump to the entry area for casualty loss:
Related Information:
Yes, you can report the losses on Schedule A under casualty losses. You have to be able to itemize deductions instead of taking the standard deduction to claim these losses.
Deductible casualty losses can result from a variety of causes such as car accidents, earthquakes, floods, fire, hurricanes, or vandalism.
Casualties that are not deductible losses include progressive deterioration such as termite or moth damage. Also the loss of a personal belonging, like a ring that is dropped in the garbage disposal, is not deductible.
In TurboTax, jump to the entry area for casualty loss:
Related Information:
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