Yes, carpet and flooring are included in Personal Property Losses. You must subtract from your losses any reimbursements from FEMA. Do not deduct from losses any amounts you received from the SBA loan because you have to pay that back.
Make sure:
- Your loss was due to an accident, theft, or act of nature
- You itemize deductions on Schedule A
- You subtract out any reimbursements from insurance, federal (FEMA) or state programs. (You can claim the amount of losses not reimbursed)
Any amount you reasonably expect to receive, should be included in your reimbursements.
Also, the first $100 of the loss is not deductible and after that, only the amount exceeding 10% of AGI is deductible. For hurricane disaster losses the first $500 is not deductible however the 10% of AGI limitation does not apply.
If you need help entering your loss in Turbo Tax this might be helpful:
In TurboTax, jump to the entry area for casualty loss:
- Enter casualty loss in the TurboTax search box and press the Enter key.
- On the Stolen or Damaged Items screen, click Yes.
- Answer the interview questions describing your event.
- When finished at the Property Summary screen,
Enter any additional property losses by clicking the Add a Property button
If you need information on itemizing, here is a Turbo Tax FAQ that might be helpful:
https://ttlc.intuit.com/replies/3302335
