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M
mfend0609
February 12, 2021
Question

My home was flooded. I rent my property but the water flooded the basement and reached the first floor. Washer, dryer, etc. gone. My loss was over $7500. How do I claim?

  • February 12, 2021
  • 1 reply
  • 0 views
The area was not declared a disaster area. Not covered by home ins.

1 reply

T
ThomasM125
February 12, 2021

That would be considered a casualty loss. You can use the following menu options in TurboTax to enter this:

  1. Deductions and credits
  2. Other Deductions and Credits
  3. Casualties and Thefts

It is an itemized deduction, and is limited to the amount over 10% of your income and has a deductible of $500. Because of this, you may not get any benefit from deducting it. However, you can enter it in TurboTax to see.

 

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