turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bhaste403
New Member

My home depreciated over $12,000.00 in 2019, due to Hurricane Florence. Should this have been a deduction for 2019 taxes? If so, can this be corrected when I file 2020?

(While filling out my 2019 Turbo Tax, a pop-up asked if I had received damage to my property from Hurricane Florence. I answered yes, but never received any further instructions).
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

My home depreciated over $12,000.00 in 2019, due to Hurricane Florence. Should this have been a deduction for 2019 taxes? If so, can this be corrected when I file 2020?

It is not a deduction directly ... the loss in value is only realized when you sell the property.  What you may have had is deductible casualty loss but only if you entered the repair costs and the insurance reimbursement correctly AND you will need to itemize deductions which many can no longer due since the 2018 tax law changes.  

Hal_Al
Level 15

My home depreciated over $12,000.00 in 2019, due to Hurricane Florence. Should this have been a deduction for 2019 taxes? If so, can this be corrected when I file 2020?

Deductible casualty losses are only allowed in federally decarded disaster areas, which I believe Florence was.

Even then the loss is subject to two thresholds: 1. Your deductible loss is only the amount that  exceeds 10% of your AGI and your total itemized deductions must exceed your standard deduction.

 

If you entered the loss, in TurboTax (TT), and saw no benefit, the most likely explanation is that one or both of these thresholds were not met

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question