Is damage to my home tax deductible?
If you experience damage, destruction or loss of property from a sudden, unexpected or unusual event then you may be able to claim a loss on your return. The deductible amount is the lower of your investment in the property or the decrease in value of the property after the event.
This amount is reduced by insurance proceeds, a $100 floor and 10% of your adjusted gross income. TurboTax will help you figure out if you qualify for a deduction.
In TurboTax, type casualty loss in the Search box, click Find, then select Jump to casualty loss. Follow the next few interview screens.