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aprin53
New Member

I claimed $2361 in damages from a lightning strike and only received $1060. from the insurance company why can't I claim this as a deduction?

 
3 Replies
Carl
Level 15

I claimed $2361 in damages from a lightning strike and only received $1060. from the insurance company why can't I claim this as a deduction?

Basically, because losses on personal property are not deductible, and never have been. In the past, there have been exceptions for those in a declared disaster zone.
TerryA
Intuit Alumni

I claimed $2361 in damages from a lightning strike and only received $1060. from the insurance company why can't I claim this as a deduction?

Are you filing a state return with one of these states? AL, AR, CA, HI, IA, MN, MO, and NY.
They do not conform to the federal law xmasbaby0 mentions. If so, please reply back and I'll outline how to enter the loss that may be deductible in that state after AGI limitations, etc..

I claimed $2361 in damages from a lightning strike and only received $1060. from the insurance company why can't I claim this as a deduction?

Casualty losses are not deductible under the new tax law, except those in a federal disaster area.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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