Thank you for your reply. Before receiving your response, I called Turbotax to speak with a tax advisor. He told me that I do not have to complete form 4684, Casualty and Theft because my rental is not in a Federal Disaster or a Disaster area designated by the President. Now, I'm confused because I have been requesting information, and spending lots of time completing the necessary documents.
So, if the tax advisor is correct, how do I proceed to report the casualty, or is it necessary to report it?
The tax advisor also asked if I received a 1099 from the insurance company. No, I did not receive a 1099. All the funds were used to mitigate the water damage and restore the damaged property to its original state.
Help, please to get to the bottom of this so I can complete the tax preparation.
Thanks in advance.
