JudithR
New Member

Investors & landlords

Sorry to hear about your loss.In order to claim a casualty loss deduction, you must be prepared to prove not only that you lost property in a casualty, but the amount of your loss. This requires knowing your basis in the property, its pre- and post-casualty value and the amount of reimbursement you received.

If your property is covered by insurance, you should file a timely insurance claim for reimbursement of the loss. Otherwise you cannot deduct this loss as a casualty or theft.You can deduct the  damage, to the extent that it is not covered by insurance, as a repair expense on your rental property. However, if you have claimed any insurance reimbursement as income, you may enter the entire repair cost.

Here is a Turbo Tax FAQ that will take you to where you can enter your loss.https://ttlc.intuit.com/replies/3301959