A storm knocked a large tree over on the property of my residential home.
I think that the costs of removing this tree and repairing the fence that it crushed and the lost value of the tree are all deductible losses. But TurboTax won't let me enter these losses under "Casualties and Thefts" unless I falsely represent that the "Property Type" is "Personal Property" (the tree and fence are part of the Real Property, not personal property) or "Income-Producing Property" (which also is false - the tree fell on my residential property).
How do I get these deductions?
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bad news. casualty losses except for those in declared disaster areas are no longer deductible. the property type is irrrelevant.
The Casualties and Thefts deduction on a personal residence was removed from the tax code after tax year 2017. Any improvements to the personal residence can be added to the basis of the home when it is sold.
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