We were required to install a new roof out of our own pocket due to extensive leaks and roof paneling remaining saturated after hurricane Helene. The insurance said they would not cover the loss as said was faulty installation even though 7 years old. We obtained quotes and had roof replaced with one company. I filed for FEMA assistance but are still pending a response. Was told response may not come in time for me to meet the July extension filing deadline.
If I can't estimate what FEMA may or may not reimburse, do I proceed with filing my 2024 taxes with the casualty loss valued at the exact cost to replace the roof? Do I leave the expected reimbursement at zero since I have no good way to estimate? If I end up with some reimbursement in 2025, do I then report that as income to the extent it reimbursed dollars expended?
