You must claim the loss on Schedule A as an itemized deduction. Your total itemized deductions must be larger than your standard deduction or it won't benefit you to claim it. Please view the Turbo Tax FAQ below, for more information about itemizing tax deductions.
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/Tax-Deduction-Wisdom---Sho...
Please view the IRS website below for more information about claiming a casualty loss.
https://www.irs.gov/taxtopics/tc515.html
Please follow the directions below, to access the itemized deductions page and enter your loss.
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Sign in to your account.
- Click take me to my return.
- Click my account, at the top of the page.
- Select tools in the drop down menu.
- Click topic search, type in itemized deductions and click go.
- Click skip to see all tax breaks.
- You will now be on the Schedule A deductions page.
- Enter your loss under, "Other Deductions and Credits".
This page looks a little different than the paper version of the Schedule A, yet all itemized deductions are listed on this page. Please view the link below, to see the paper version.
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
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