I have a vacation home/rental purchased in 2020 that was damaged by Hurricane Ian. I have received approximately $90,000 in insurance proceeds. A portion of that was for loss of use and personal property. The decrease of the property in FMV is lower than the adjusted tax basis which includes depreciation for the rental percent. How do I enter this in TT because it only gives me a choice of personal loss or business loss and this is actually some of both. Also the printed Form 4684 does not print "Florida Hurricane Ian" in bold at the top as per the IRS instructions although the Form 4684 does have the FEMA code. I am getting a large deduction on Schedule A that reduces my tax liability considerably. I feel I must be doing something wrong. It also appears to treat the loss as occurring as a "Qualified Disaster Loss". I was not aware that designation had been made. Only that is is a federally declared disaster which is treated differently for tax purposes, Thank you in advance of any help you may give me.
