Lost all contents from the 2016 flooding in Southern Louisiana.
You'll need to sign in or create an account to connect with an expert.
You can use your best estimate for the date. Here is how Casualty losses work: Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A Itemized Deductions.
If your property is personal-use property or is not completely destroyed, the amount of your casualty loss is the lesser of:
More details can be found at this link http://www.irs.gov/taxtopics/tc515.html
That said, the amount would have to be pretty large for you to be able benefit. Also, you must file Schedule A as I stated above. But, if you want to give it a shot in the Casualty and Theft section of the software, it wouldn't hurt.
How to enter it into TurboTax: While inside the software and working on your return, type casualty loss in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to casualty loss. Select that to get to the general area.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Lisajanel
Level 1
aknowles
Level 1
mfagerholm
New Member
goradiah
New Member
darrell5560
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.