You'll need to sign in or create an account to connect with an expert.
Unfortunately, under current law, there is no casualty loss deduction on your personal return unless the loss is attributed to a Federally declared disaster, or the property was used in a business. Keep track of the amount you spend to repair or improve your property in order to track your basis in the property in the event it is later sold.
For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. Casualty losses can still be claimed for business property. This change was part of the Tax Cuts and Jobs Act of 2017. See IRS Publication 547.
See this help article for more information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mahaynes22
New Member
aclin
Returning Member
vnguyen027
New Member
Magnfdplaid878
Level 1
ajr0302
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.