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nemcam
New Member

A tree fell on my house. The bill was $8,500, insurance paid $7,500. Can't I deduct the difference?

 
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xmasbaby0
Level 15

A tree fell on my house. The bill was $8,500, insurance paid $7,500. Can't I deduct the difference?

Not really.

CASUALTY LOSS

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

https://ttlc.intuit.com/questions/1901178-casualty-and-theft-losses

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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1 Reply
xmasbaby0
Level 15

A tree fell on my house. The bill was $8,500, insurance paid $7,500. Can't I deduct the difference?

Not really.

CASUALTY LOSS

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

https://ttlc.intuit.com/questions/1901178-casualty-and-theft-losses

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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