I sustained notable loss of interior furniture, repairs, etc. from hurricane Irma. do i get any sort of tax deductions?
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I sustained notable loss of interior furniture, repairs, etc. from hurricane Irma. do i get any sort of tax deductions?

 
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I sustained notable loss of interior furniture, repairs, etc. from hurricane Irma. do i get any sort of tax deductions?

You can deduct losses of items such as replacing furniture, repairs, and other 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 hurricane.

  1. Go to Deductions and Credits on TurboTax
  2. Select Other Deductions and Credits at the bottom of the page
  3. Select Casualties and Thefts
  4. 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 (reimbursements from insurance companies).  Turbo Tax will figure what is allowable based on how you answer the questions in the program.


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