You can deduct
losses of items such as food in freezers and damage caused due to the
hurricane. These can be claimed on
Schedule A as Itemized Deductions.
TurboTax will calculate any disaster losses you may have due to the
electricity being cut off for an extended period.
- Go to Deductions and Credits
on TurboTax
- Select Other Deductions and
Credits at the bottom of the page
- Select Casualties and Thefts
- Answer the questions and you
will be able to claim any losses you incurred.
To qualify, a loss must be attributable to a federally declared
disaster and occur in an area determined by the President to warrant assistance
by the federal government under the Stafford Act, such as Hurricane
Irma. The deduction is limited to the “net disaster loss” which consists
of the excess of personal casualty losses attributable to a federally declared
disaster over personal casualty gains.
TurboTax will figure what is allowable based on how you answers the questions in the program.
The following IRS link may be helpful:
https://turbotax.intuit.com/tax-tips/investments-and-taxes/how-to-report-stock-options-on-your-tax-r...
