How do I declare the cost to repair and replace items lost or damaged by flood due to Hurricane Helene in a Disaster Declared area with no flood insurance?

To declare the cost to repair and replace items lost or damaged by flood due to Hurricane Helene in a federally declared disaster area using TurboTax, follow these steps:

First:

1. Check to see if you are in a federally declared disaster are here.
2. Open TurboTax and navigate to your tax return.
3. Go to the search bar at the top right of the screen.
4. Type "Casualty loss" in the search bar.
5. Click the "Jump to" link that appears in the search result
6. Select Yes on the Did you have anything damaged or stolen in 2024? screen.
7. Answer the questions about your event, entering your Description in the following format: State, Disaster (for example, California, Wildfires).

Next Enter Your Casualty Loss

1. Enter the details of the damaged or lost property, including the type of property (personal, business, or investment).
2. Calculate the loss: Determine the decrease in fair market value of the property due to the flood. This is the amount you can deduct, but it cannot exceed your original cost
3. Subtract any reimbursements: Since you don't have flood insurance, you may not any reimbursements to subtract
4. Complete IRS Form 4684: TurboTax will guide you through filling out this form, which is necessary for reporting casualty losses

Additional Resources

• IRS Publication 547: This publication provides detailed information on how to report disaster area losses. You can review it here
• TurboTax Help Article: For more detailed instructions, you can refer to this TurboTax support article