☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 9, 2022 4:42:26 PM

I suffered losses from a lightning storm but did not submit an insurance claim due to deductible. Can I claim these losses on my return?

This was not a federally declared disaster just a storm that came through and caused several thousands of dollars worth of damage.

0 5 945
1 Best answer
Level 7
Apr 9, 2022 4:44:34 PM

Those type of losses have been suspended from 2018 until 2025.

5 Replies
Level 7
Apr 9, 2022 4:44:34 PM

Those type of losses have been suspended from 2018 until 2025.

Level 2
Apr 9, 2022 5:18:22 PM

Thank you, Dan! That's what it looked like to me but others said I should claim it and I didn't want to leave money on the table if it could be claimed.

Level 7
Apr 9, 2022 7:40:48 PM

It just upsets me so much that this happened and is not fair to people like you.  

Expert Alumni
Apr 9, 2022 7:51:06 PM

These revisions to the tax law were passed in 2017 and will not expire until 2025.

Level 2
Apr 14, 2022 10:05:29 AM

Thanks for your kind words Dan. Definitely would have been helpful to offset some of the losses as it gets you a little stressed when you have a lot more money going out than coming in. Nothing to do now except rebuild from here and hopefully they will reinstate this to help people in the future. Again, thank you for the help and quick responses.