I was involved in a car accident; the person responsible was uninsured. My insurance will cover all but the $200 deductible. Can I claim that? If so, how do I do that?

[Hal_Al · Accepted solution]

Yes, theoretically; but no actually.

To claim a tax deductible casualty loss you must not only subtract what the  insurance company paid, you can only deduct your losses that exceed 10% of your AGI+$100. In addition, it is an itemized deduction. If you usually take the standard deduction, you'll have to now find additional itemized deductions to exceed the standard deduction. A taxpayer seldom has a net tax deductible casualty loss, in a car accident, where insurance is involved.

In TurboTax, enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

 -I’ll choose what I work on button

  -Scroll down to:

   --Other deductions & Credits

     ---Casualty & theft

Or type- casualty loss -in the search box

For more info, see:

http://www.irs.gov/pub/irs-pdf/i4684.pdf