Can repairs to a foundation failure due to slip on a hill be claimed these costs be claimed as a casualty loss?

tenf00rty — Sat, 01 Jun 2019 06:51:20 GMT

I have entered the appraised value of the house before the failure and deducted the repair cost for the value after the event. Turbo tax gave $0 as a deduction. Did I miss something?

No, it's probably not that, it's just REALLY hard to dedu...

CherylW — Sat, 01 Jun 2019 06:51:21 GMT

No, it's probably not that, it's just REALLY hard to deduct a Casualty Loss.

Taxpayers generally can't meet the two limits set by the IRS for deductibility, especially if you have anything insured.

The first limit is taking $100 off the difference, the second limit is taking 10% of your adjusted gross income off of your net loss (the difference).

The final amount gets carried to line 20 of your Schedule A, which you can only use if that PLUS the rest of your deductions are larger than the standard deduction for your filing status.

Try going through it again, it will be worth it if it works

To report a casualty or theft loss in Turbo Tax,

Go to Deductions & Credits.
Select I'll choose what I work on.
Go down to Other Deductions and Credits.
Select Start or Update by Casualties and Thefts.
Delete the information that you've already put in (make sure you have everything written down), then click Yes to continue.
The next screen, Losses From Fraudulent Investments, is specifically asking about investment losses, which you don't have in this case.
Enter the description of the event that destroyed it.
Enter the date of occurrence and the type of property.
On the next screen, enter what was damaged, the date of acquisition, the cost basis (product cost PLUS how much you originally paid to have it installed), and insurance reimbursement (if any).
On the next screen, enter the fair market value (what it was worth) before AND after the event.

For more on Casualty and Losses, see here.

topic Can repairs to a foundation failure due to slip on a hill be claimed these costs be claimed as a casualty loss? in Get your taxes done using TurboTax

Can repairs to a foundation failure due to slip on a hill be claimed these costs be claimed as a casualty loss?

No, it's probably not that, it's just REALLY hard to dedu...