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hav
New Member

Can I claim a loss on a motorhome declared a total loss by the insurance company on the difference paid by the insurance company ($65K) and amount owed (128K)?

 
1 Reply
MinhT
Expert Alumni

Can I claim a loss on a motorhome declared a total loss by the insurance company on the difference paid by the insurance company ($65K) and amount owed (128K)?

You can claim this loss as a casualty and theft loss on Schedule A - Itemized deductions.

Your loss is the difference between the fair market value of your motorhome at the time of the loss and the insurance payment received.

From the loss, you will deduct first $100, then deduct 10% of your adjusted gross income to arrive at the allowable loss. TurboTax will make all the calculations for you.

To enter your loss in TurboTax, please follow these steps:

  • Click on Search on the top right of your screen
  • In the search box, type casualty loss
  • In the search result page, click on Jump to Casualty loss
  • TurboTax will take you through a questionnaire where you can enter the details of your loss
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