- To claim a loss on your return, it has to be more than 10% of your income and in a disaster zone. After insurance, there may not be enough left to make a claim on your taxes. See Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property)*
- The insurance received is not taxable.
- You sold you main home. If it was your main home that you lived in 2 out of 5 years, you may not need to report the house sale at all. See Topic No. 701 Sale of Your Home.
Chances are you can put a horrible 2020 away with none of this on your return.
* Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent they’re attributable to a federally declared disaster. The loss deduction is subject to the $100 limit per casualty and 10% of your adjusted gross income (AGI) limitation.
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