You can't claim the insurance deductible, however, you might be able to claim a casualty loss for the amount of damage not covered by insurance. Please keep in mindthat there are two reductions applied to casualty losses before they arededucted:$100 reduction per casualty; THEN10% of AGI - The total of all casualty or theft losses is reduced by 10% of your AGI (form 1040, line 38). You can reportthe casualty loss on your tax return by following these steps:Click on Federal > Deductions and Credits.In the Other Deductions and Credits section, click on the Start/Revisit box next to Casualties and Thefts. [See Screenshot #1 below.] If you've started entering some casualty/theft information, you will see a screen Casualty and Theft Summary. Click on the Add a Casualty or Theft link to add another event. You can also edit or delete your previous entry. [Screenshot #2] If you haven't entered any casualty information yet you will see the Casualties and Thefts screen. Click the Yes box. [Screenshot #3]On the Losses From Fraudulent Investments screen click on the No box.On the Casualty or Theft Event screen, enter the requested information and mark the appropriate box. Since this was a rental property, select Income-Producing Property (e.g. Business property, Investment property). [Screenshot #4] Onthe next screen, either Personal Property-Information or BusinessProperty-Information, enter the information about the loss, includingthe insurance reimbursement.

Question

Can i claim deductibles i paid for insurance repairs on a rental home. One was vandalism and the other wind damage to a roof

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

No text available

TurboTax Deluxe Online

I

Irene2805

You can't claim the insurance deductible, however, you might be able to claim a casualty loss for the amount of damage not covered by insurance.

Please keep in mind that there are two reductions applied to casualty losses before they are deducted:

$100 reduction per casualty; THEN
10% of AGI - The total of all casualty or theft losses is reduced by 10% of your AGI (form 1040, line 38).

You can report the casualty loss on your tax return by following these steps:

Click on Federal > Deductions and Credits.
In the Other Deductions and Credits section, click on the Start/Revisit box next to Casualties and Thefts. [See Screenshot #1 below.]
If you've started entering some casualty/theft information, you will see a screen Casualty and Theft Summary.
Click on the Add a Casualty or Theft link to add another event. You can also edit or delete your previous entry. [Screenshot #2]
If you haven't entered any casualty information yet you will see the Casualties and Thefts screen. Click the Yes box. [Screenshot #3]
On the Losses From Fraudulent Investments screen click on the No box.
On the Casualty or Theft Event screen, enter the requested information and mark the appropriate box. Since this was a rental property, select Income-Producing Property (e.g. Business property, Investment property). [Screenshot #4]
On the next screen, either Personal Property-Information or Business Property-Information, enter the information about the loss, including the insurance reimbursement.