Question

Deduction

Forum|Forum|5 years ago
February 26, 2021
1 reply
0 views

Can I deduct the amount not covered by insurance where the insurance deductible is very large due damage from a hurricane.

M

MinhT1

If the hurricane is a federally declared disaster, you van claim the damage not covered by insurance (your deductible) as a disaster loss. This deduction is an itemized deduction on Schedule A.

The first $100 of loss is not tax-deductible, but the remainder of the loss is tax-deductible to the extent that it exceeds 10% of your adjusted gross income.

Please read this TurboTax blog for more information.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"