Question

I'm having a problem entering an amount for CASUALTY OR THEFT EVENT. It doesn't seem to be recorded, or have an affect on the running balance. What am i doing wrong?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Premier Online

Employee

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount. If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction. If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.

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