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When you lose an item due to an accident, theft, or act of nature, you may have a tax deduction for the value of the property that is not covered by your insurance. The tax deduction is called a "casualty loss" deduction. The lost item can be business property, investment property, or personal property. Deductible casualty losses can result from a variety of causes such as car accidents, earthquakes, floods, fire, hurricanes, or vandalism.
You will need to file a Form 4684 Casualties and Thefts to claim a casualty loss.
To enter your casualty loss in TurboTax online program, go to:
Enter your casualty loss information in the program, and it will calculate the deduction you are entitled to. If the damage is entirely covered by the insurance reimbursement, there might not be any deductions allowed.
Although my insurance paid for my water damage in my basement, how do I claim the deductible that I paid.
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 declared by the President.
If you qualify, to enter your out of pocket expenses not covered by insurance:
Casualty, Disaster, & Theft Losses
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