Yes, if the damage resulted from a weather event like a hurricane or tornado. If it was due to progressive deterioration from weather, it is not deductible. When you lose an item due to an
accident, theft, or act of nature, you may have a tax deduction for the value of the property that is not
covered by your insurance. Deductible casualty losses can
result from a variety of causes such as car accidents, earthquakes, floods,
fire, hurricanes, or vandalism.
Casualties that are not deductible losses include progressive deterioration such as
termite or moth damage. Also the loss of a personal belonging, like a ring that
is dropped in the garbage disposal, is not deductible.
To enter into TurboTax, jump to the entry area for casualty loss:
-
Open
your return.
(To do this, sign in to TurboTax and select the blue Take me to
my return button.)
- Search for "casualty
loss" and then click the "Jump to" link in the search
results.
- On the Casualties
and Thefts (or Stolen or
Damaged Items) screen,
select Yes.
- Answer the interview
questions describing your event.
- When you complete the event
and reach the Property Summary screen, you can enter any additional
property losses by selecting the Add a Property button.
Related Information:
