I live in Florida and I was impacted by Hurricane Ian. We didnt have power for 2 weeks. What all can you deduct from this? Damage to home? Forced to purchase generator? etc...
Does the deduction for the disaster itself apply automatically? I didn't see it anywhere when filing the return.
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Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster.
You cannot deduct a power generator.
You also cannot claim losses covered by insurance unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.
Here's how to enter this in TurboTax:
Florida Hurricane Ian DR-4673-FL
Learn more at About Casualty Deduction for Federal Income Tax
Okay thank you I found that and added the damages to our backyard fencing.
Is there a general deduction for being affected by Hurricane Ian? I thought I read a few months ago that the IRS will automatically apply this deduction based on my address? Is that true and where can I see this on my return?
No there is no general deduction applied to everyone effected by a casualty loss disaster. Each taxpayer (couple if filing joint) figures their own loss on their tax return. The link provided by @ErnieS0 and again here provides great information. For more detailed information you can check this link for IRS Publication 547.
@DMarkM1 this is what I am referencing. I found this the IRS website about Hurricane Ian
This is an extension of filing and paying deadlines. Here is the IRS link. Mostly concerns taxpayers who were on an extension to file their 2021 tax returns. Their deadline extended from Oct 17, 2022 to Feb 15, 2023.
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