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You can report a casualty loss on Schedule A if your motor was destroyed due to an accident, theft, or act of nature and you were not reimbursed by your insurance or government agency. 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.
There is a limitation, amounts up to 10% of AGI plus an additional $100 are not deductible unless you were in a federally declared disaster area:
To enter a casualty loss:
In TurboTax, jump to the entry area for casualty loss:
Related Information:
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