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ann2
New Member

Personal items lost in car fire, does it impact my refund?

 
1 Best answer

Accepted Solutions
Kadian
New Member

Personal items lost in car fire, does it impact my refund?

Yes, you can deduct the lost using the Casualty and Theft deduction. This deduction covers property that’s damaged as a result of a disaster, such as a storm, flood, fire, car accident, or similar event, and also covers stolen property. Property includes anything you own.

To enter this in TurboTax:

  1. Go to the "Federal Taxes" tab
  2. Click on "Deductions & Credit
  3. Scroll down to "Other Deductions and Credits" and click on "show more" to the right of it
  4. Click "Start" next to "Casualties and Thefts" continue to follow the onscreen guide. 

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2 Replies
Kadian
New Member

Personal items lost in car fire, does it impact my refund?

Yes, you can deduct the lost using the Casualty and Theft deduction. This deduction covers property that’s damaged as a result of a disaster, such as a storm, flood, fire, car accident, or similar event, and also covers stolen property. Property includes anything you own.

To enter this in TurboTax:

  1. Go to the "Federal Taxes" tab
  2. Click on "Deductions & Credit
  3. Scroll down to "Other Deductions and Credits" and click on "show more" to the right of it
  4. Click "Start" next to "Casualties and Thefts" continue to follow the onscreen guide. 
xmasbaby0
Level 15

Personal items lost in car fire, does it impact my refund?

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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