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I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

 
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Level 15

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

**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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Level 15

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

How you claim this matters on what was done. Was the shingles stripped off and replaced? Or was just a small portion of the roof repaired, by only replacing those shingles that were damaged? The former is a property improvement, and the latter is a repair. Each are reported differently. Also, if this was on your primary residence or second home, then repairs are not deductible. It's only claimed if this was rental property.
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New Member

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

Two of my houses had severe roof damage. The total bill covered by the insurance company was over $50,000. I had deductible of $4,000. The neighborhood where I live had well over 1500 roofs shingles and tile roofs stripped off and replaced. So is this a deductible loss caused by mother nature?
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Level 15

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

Basically, your only loss is the 4K out of pocket. But as xmasbaby says, you may not have enough to deduct. It would be worked through the casualty and losses section under the Deductions and credits tab.
If this was for rental property, you *need* to let us know. You have to report things differently for rentals.
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New Member

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

The $4 K out of pocket did not even get me a meager $1.00. Thank you for your accurate precise help.
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Level 15

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

TO bad it's not rental property.
Highlighted
Level 15

I had HAIL damage to the roof of two homes. I had to pay $4,000 in deductibles. Can i deduct this as a loss?

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

**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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