Can i deduct property loss on the deductible I paid insurance paid the rest

[Coleen3 · Accepted solution]

Yes, the deductible is deductible. However, there is a $100 and 10% of AGI floor that is subtracted before any casualty is taken into consideration. Do the math first before going to the bother to enter it on the form.

Reporting a casualty can help you but only if you meet the qualifications. Personal losses are reported on Form 4684 and are carried over to Schedule A if you itemize. (Casualties for businesses are reported on the same form on Part B.)

In TurboTax (for personal losses):

Go to Federal Taxes

Deductions and Credits

*Personal casualty and theft are no longer deductible per TCJA as of 1/1/18, unless in a Presidentally Declared Disaster Area.

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