topic Casualties and Thefts Deduction in Deductions & credits

Casualties and Thefts Deduction

craigjrod — Mon, 23 Feb 2026 09:58:04 GMT

can i carry over a loss to my home from hurricane ide in 2021 for 2022

Re: Casualties and Thefts Deduction

LindaS5247 — Mon, 30 Jan 2023 22:48:25 GMT

Yes, if you live in an area that was declared a federal disaster area after Ida, and you reported your loss on your 2021 tax return, then you may carry forward the loss for up to 20 years.

The links below contain information provided by the IRS on the topic of natural disaster casualty losses.https://www.irs.gov/pub/https://www.irs.gov/515

[Edited 01/30/23|5:41 pm PST]

Re: Casualties and Thefts Deduction

Mike9241 — Sat, 28 Jan 2023 19:14:50 GMT

The expert is wrong.

what's important is that it be declared a federal disaster area. this is from FEMA

Louisiana Hurricane Ida (DR-4611-LA)
Incident Period: August 26, 2021 - September 3, 2021
Major Disaster Declaration declared on August 29, 2021

see form 4864 for your options for reporting your loss.

use section A if this is personal property.

and here's a thread from the IRS

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-ida-in-louisiana

see the section on casualty losses.

personal casualty losses are no longer deductible unless they're in a federally declared disaster area.

Re: Casualties and Thefts Deduction

craigjrod — Sun, 05 Feb 2023 23:13:09 GMT

where do i put in the information on my 2022 tax return. i tryed but it looks like it for a disaster this year not to carry over

Re: Casualties and Thefts Deduction

AbrahamT — Mon, 06 Feb 2023 21:11:20 GMT

You would simply enter your carryforward losses as follows;

On the top, click on Business,

then; Less Common Business Situations

then;

then

Federally disaster losses can be carried forward for upto 20years.

Good Luck!

[EDIT 2/06/2023 11:00 AM PST]

Re: Casualties and Thefts Deduction

craigjrod — Mon, 06 Feb 2023 21:35:56 GMT

so it would go under the business heading even though it a casualties loos from my house?

just making sure don't want the IRS knocking on my door.

Re: Casualties and Thefts Deduction

AbrahamT — Mon, 06 Feb 2023 23:14:54 GMT

Good point, there is actually a Casualties and Theft Deduction subsection under the Personal tab as well. You would actually go there.

Re: Casualties and Thefts Deduction

craigjrod — Tue, 07 Feb 2023 12:49:27 GMT

can you show me that tab?

Re: Casualties and Thefts Deduction

PatriciaV — Wed, 08 Feb 2023 13:17:05 GMT

According to IRS Tax Topic 515, if your casualty loss exceeds your income for the tax year, you have a Net Operating Loss Carryover. You don't need to be in business to have an NOL from a casualty.

In TurboTax, this carryover is reported under Business Situations, as AbrahamT described above. Use one of the "jump to" shortcuts below to go to "NOL."

The easiest way to find any section of TurboTax for Desktop is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in the topic you need, hit Enter, and click the "jump to" link to go directly to beginning of that topic.

In TurboTax Online, go to Tax Tools in the left column >> Tools >> Topic Search. Type in your topic, then click the topic in the list and then GO to go directly to the start of that section.

Re: Casualties and Thefts Deduction

craigjrod — Wed, 08 Feb 2023 12:01:32 GMT

Thanks for the help