Our fulltime home is a 45' sailboat. It was in New Bern, NC in 9/2018 when Hurricane Florence came thru. It sustained over $55,000 in damage. Our insurance does not cover all the repairs due to the deductible and depreciation of some of the damaged equipment on the boat. The boat is in a boatyard being repaired. Until it is repaired and back in the water, we can not live on it. Consequently we have expenses for meals, travel and hotel rooms. None of those are covered by insurance. How do I account for these storm related living expenses in my tax filing?
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Casualty losses that occurred within a federally declared disaster area can be deducted on your federal tax return. See more information, plus the steps to be brought to this section of TurboTax included in the FAQ below. TurboTax will help walk you through the entry of your deductions. Very sorry for all the loss you experienced with the flooding from the hurricane.
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