Question

Federally Declared Disaster

Forum|Forum|1 year ago
February 27, 2025
1 reply
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I completed the casualty/loss section as directed with the disaster number, etc. Turbo tax is not adding this amount to the standard deduction as I was under the impression it was supposed to.

DawnC

It is an itemized deduction, but you don't have to itemize to take the credit. If you have a qualified disaster loss you may elect to deduct the loss without itemizing your deductions. Your net casualty loss doesn't need to exceed 10% of your adjusted gross income to qualify for the deduction, but you would reduce each casualty loss by $500 after any salvage value and any other reimbursement. Look for Schedule A, line 15 and Form 4684.

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