The form you are likely referring to is Form 4684, Casualties and Thefts. This form is used to report losses from federally declared disasters like Hurricane Milton. Here is what you need to properly complete the interview in TurboTax:
- In TurboTax Online, go to Federal> Deductions & Credits> Other Deductions & Credits, and click on the Casualties and Thefts area.
- Say yes, that you had damages in 2024.
- Describe the event, the date, and select the type of property that was damaged.
- On the next screen, select the first option, "qualifies as a major disaster that was federally declared between 12/18/19 and 7/4/25.
- Enter in the disaster code from FEMA; see this FEMA site: Florida Hurricane Milton.
- In the next screens, input the following, where asked:
- a description of the property
- the date you acquired it
- your adjusted basis in the property (what you paid for it, plus improvements)
- the fair market value of the property right before the hurricane
- the fair market value of the property immediately after the hurricane
- any insurance or other reimbursements you have received or expect to receive
Once you complete these steps, TurboTax will calculate the allowable deduction you can take.
Here are some resources that may be helpful:
After a disaster, affected taxpayers may qualify for tax relief
FAQs for disaster victims
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