Can I deduct my Home Ownwers Insurance deductable

davejleach10 — Sat, 01 Jun 2019 06:49:45 GMT

I filed an home owners insurance claim for damage to my house in Hurricane Matthew. The insurance company acceptect my claim but I had to pay a 8000 deductible. Can I deduct my deductible on my taxes

If you lose property to a fire, hurricane, storm damage o...

NicoleU — Sat, 01 Jun 2019 06:49:46 GMT

If you lose property to a fire, hurricane, storm damage or a thief, you can write off your financial losses on your taxes. You can't take a deduction for anything your insurance pays for.

However, y ou can claim whatever the insurance doesn't pay for, though, and that figure includes whatever you paid in deductibles.

In TurboTax, please do the following:

Click Federal Taxes
Click Deductions & Credits
Look for Other Deductions and Credits
Casualties and Thefts, click Start
Stolen or Damaged Items: Did you have anything stolen or damaged in 2016?, click Yes
Losses From Fraudulent Investments, click No
Casualty or Theft Event. type in the description and date

topic Can I deduct my Home Ownwers Insurance deductable in Deductions & credits

Can I deduct my Home Ownwers Insurance deductable

If you lose property to a fire, hurricane, storm damage o...