When I reduce my casualty loss by $150,000 in my 2017 return, my refund does not change at all. Can I carry forward the $150,000 to my 2018 return? Please explain how I will do that in my 2017 and 2018 returns using Turbotax. Thank you.
If your loss was caused by a disaster in a federally declared disaster area, a special rule allows you to claim your loss on either your return for 2017 (the year the casualty event occurred) or on an amended return for 2016. This allows you to claim the deduction in the year when it does you the most tax-saving good. You cannot "carry forward" your loss to a later year (e.g. 2018) unless you are unable to use it all up in two years.
Included below is a link on how to amend your 2016 return:
https://ttlc.intuit.com/questions/3061514-how-do-i-amend-a-2016-return-in-turbotax
If your loss was caused by a disaster in a federally declared disaster area, a special rule allows you to claim your loss on either your return for 2017 (the year the casualty event occurred) or on an amended return for 2016. This allows you to claim the deduction in the year when it does you the most tax-saving good. You cannot "carry forward" your loss to a later year (e.g. 2018) unless you are unable to use it all up in two years.
Included below is a link on how to amend your 2016 return:
https://ttlc.intuit.com/questions/3061514-how-do-i-amend-a-2016-return-in-turbotax