Yes, but you can only deduct the losses from a flood that exceed the reimbursement from insurance and FEMA plus a $100 reduction per casualty.
If your losses are due to the 2017 hurricanes, click yes when asked if you were affected by them at the end of the personal information input process. (See the screenshot below) If you answer yes to this question, the Casualties and Theft Loss will show up automatically under the Deductions and Credits tab. (See the second screenshot below)
If you were not affected by the 2017 hurricanes, click on the search box in the upper right corner. Type in “Casualty Loss” and click on the magnifying glass. You should see a “Jump to” link as the first option. Click on the Jump to link. (See the third screenshot below.)
You will be asked for a description of the Casualty and the date it happened, and the property type (Personal property or Income-producing). Then you will be asked for a description of the property, the date acquired, the cost of the property and insurance reimbursement if any. On the next screen, you will be asked what the property was worth just before the hurricane and immediately after.
Per the IRS link found
here, “Separate computations" (under "Figuring a loss" in the column along the left side),
"if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Then combine the losses to determine the total loss from that casualty or theft.”
You can enter each item in Turbo Tax. (See the fourth screenshot)
You can find additional information about the Casualty Loss Deduction by clicking here
[Edited
1/21/18 | 7:47 am PST]
