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Yes, the losses due to a hurricane are deductible as a casualty loss. You will be asked for a description of the Casualty and the date it happened; and the property type (Personal property or Income-producing). Then you will be asked for a description of the property, the date acquired, the cost of the property and insurance reimbursement, if any. On the next screen, you will be asked what the property was worth just before the hurricane and immediately after.
You can enter a casualty loss by clicking in the search box in the upper right corner. Type in “Casualty Loss” and click on the magnifying glass. You should see a “Jump to” link as the first option. Click on the Jump to link. (Please see the first screen shot below.)
If by any chance, you don’t receive the Jump to link, click on Federal Taxes, Deductions and Credits, and scroll to Other Deductions and Credits. (If you don’t see this category, look for “Jump to full list” or “Show all Tax Breaks”). Click on the button beside Casualties and Thefts. (See the second screen shot below).
Unfortunately, per the IRS link shown below, “Separate computations. Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Then combine the losses to determine the total loss from that casualty or theft.”
Once you have determined the gain or loss on each item, you can then enter the total amounts into Turbo Tax.
https://www.irs.gov/publications/p547/ar02.html#en_US_2016_publink1000225200
You can find information about the Casualty Loss Deduction at the link below.
Yes, the losses due to a hurricane are deductible as a casualty loss. You will be asked for a description of the Casualty and the date it happened; and the property type (Personal property or Income-producing). Then you will be asked for a description of the property, the date acquired, the cost of the property and insurance reimbursement, if any. On the next screen, you will be asked what the property was worth just before the hurricane and immediately after.
You can enter a casualty loss by clicking in the search box in the upper right corner. Type in “Casualty Loss” and click on the magnifying glass. You should see a “Jump to” link as the first option. Click on the Jump to link. (Please see the first screen shot below.)
If by any chance, you don’t receive the Jump to link, click on Federal Taxes, Deductions and Credits, and scroll to Other Deductions and Credits. (If you don’t see this category, look for “Jump to full list” or “Show all Tax Breaks”). Click on the button beside Casualties and Thefts. (See the second screen shot below).
Unfortunately, per the IRS link shown below, “Separate computations. Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Then combine the losses to determine the total loss from that casualty or theft.”
Once you have determined the gain or loss on each item, you can then enter the total amounts into Turbo Tax.
https://www.irs.gov/publications/p547/ar02.html#en_US_2016_publink1000225200
You can find information about the Casualty Loss Deduction at the link below.
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