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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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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
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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
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