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Question

Hurricane loss

Forum|Forum|1 year ago
February 19, 2025
1 reply
0 views

I have a 5000 dollar loss from Hurricane Milton. My TurboTax says I have a 0 tax break from this. Why?

If you did not complete the TurboTax section completely, you may not see the deduction. The most common reasons are not including the correct FEMA disaster code, and entering the FMV before and FMV after loss. Go through your entries again, and double check your entries.

About Casualty Deduction for Federal Income Tax - TurboTax