Re: Deduction for casualty at primary home

Deduction for casualty at primary home

I'm 90 and sold my home last year. Prior to the sale a windstorm uprooted a large oak tree on my lot, next to my home and destroyed my fence. No damage to home. It cost $8,200 to remove tree and fix fence. Insurance only paid $541. The storm was not considered a federal disaster. I had to take money out of my investment to pay for it. The withdrawal was taxable income. Can I deduct the the loss? If yes, where in Turbo tax

posted

No. Beginning in tax year 2018, casualty losses are only deductible in Federally declared disaster areas. See IRS Publication 547 for more information:

IRS Publication 547

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