You'll need to sign in or create an account to connect with an expert.
Yes, you may be able to deduct as an itemized deduction, there are fewer restrictions if it was a qualified disaster area. TurboTax will guide you through, but the basic process is: For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
laur418916
New Member
christinabrakebi
New Member
grannymullins192
New Member
emilyrouse17
New Member
hillsfam2023
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.