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hb43
New Member

We had large losses due to Hurricane Mathew. I am aware that I may submit such losses in the previous year's taxes. What advantages are there in doing this?

Is there a maximum casualty loss which can be deducted in any one tax year?
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Accepted Solutions
KenH1
New Member

We had large losses due to Hurricane Mathew. I am aware that I may submit such losses in the previous year's taxes. What advantages are there in doing this?

You can claim Casualty and Theft Losses (less insurance reimbursements and less $100) up to the amount of your taxable income, which will reduce your taxable income.

A brief IRS Tax Topic can be found here: Theft and Casualty Losses - IRS

See below for instructions on how to enter in TurboTax:

https://ttlc.intuit.com/replies/3301959

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1 Reply
KenH1
New Member

We had large losses due to Hurricane Mathew. I am aware that I may submit such losses in the previous year's taxes. What advantages are there in doing this?

You can claim Casualty and Theft Losses (less insurance reimbursements and less $100) up to the amount of your taxable income, which will reduce your taxable income.

A brief IRS Tax Topic can be found here: Theft and Casualty Losses - IRS

See below for instructions on how to enter in TurboTax:

https://ttlc.intuit.com/replies/3301959

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