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We sustained damage to our home from Hurricane Irma. We are almost $7,000 out of pocket for repair of damages. Can we report this loss as a deduction?

 
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1 Reply
JulieCo
New Member

We sustained damage to our home from Hurricane Irma. We are almost $7,000 out of pocket for repair of damages. Can we report this loss as a deduction?

Yes, losses incurred from Hurricane Irma that were not reimbursed by insurance can be entered as a casualty loss on your tax return.  Typically, casualty losses are only allowed if you itemize expenses (as opposed to taking the standard deduction), but federally declared disaster areas allow the unreimbursed casualty loss (less $500) even if you take the standard deduction.

Here is more information on casualty losses (first link below), as well as steps for how to enter the loss in TurboTax (second link below):

https://ttlc.intuit.com/replies/6469344

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

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