I need help entering a casualty loss
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nbkk99a005
New Member

I need help entering a casualty loss

I bought a house in June and had a robbery in July. I have property damage/loss that needs to be entered and I need help filling in information about the loss such as cost basis. Is this the amount I paid for the house or just the total loss value
8 Replies
jerry2000
Alumni

I need help entering a casualty loss

Was part of the loss covered by insurance? If so, approximately how much was not covered and what was it?
nbkk99a005
New Member

I need help entering a casualty loss

Total loss was 14,290.49, insurance covered 13,180.63 and when I try to enter the information it keeps showing 0 for deductions
nbkk99a005
New Member

I need help entering a casualty loss

I purchase my house 6/8/2016 and had a robbery on 7/29/2016 with property damage. The repairs were mostly covered by my insurance company however not completely. $1,109.86 was the amount not covered by insurance
nbkk99a005
New Member

I need help entering a casualty loss

The amount not covered was $1,000 deductible and $109.86 depreciation value of content loss that was not replaced
nbkk99a005
New Member

I need help entering a casualty loss

Does this loss qualify for any tax deductions? The computer calculator keeps showing $0 deductions.
jerry2000
Alumni

I need help entering a casualty loss

No. See the answer. It does not qualify for any deduction at all. None.
nbkk99a005
New Member

I need help entering a casualty loss

Thank you, I appreciate the explanation
jerry2000
Alumni

I need help entering a casualty loss

If your uncovered loss was $1,109.86, then don't even bother trying to claim it as a casualty loss. Why. Simply this, for any casualty loss, once you have determined the gross loss, and let's say that is was $1,109.86, to determine what you can deduct, you must first reduce that amount by  $100, leaving $1,009.86, and then you have to further reduce that loss by 10% of your adjusted gross income. So, if your adjusted gross income was more than 10,098.60, then you have 0 loss left to deduct.
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