Deductions & credits

This loss is reported on form 4684 and will be entered on Schedule A.  There is however special considerations given for a federally declared disasters such as 10% of your adjusted income that is normally deducted is now waived. Also, you do not need to provide an itemized list for any of the contents lost but you may wish to keep your own itemized list on a spreadsheet just in case the IRS has questions.  This is mentioned in the instructions for 4684,  that states that you can treat the losses as a single item if the loss was to your home or other personal-use real estate: In this case, you can treat the entire property as a single item (including all buildings, improvements, trees and landscaping).

Here is how to report:

1. Go to federal>deductions and credits
2. Other deductions and credits>casualties and thefts
3. Give Hurricane Ian as a description, date, and indicate this is personal property
4. Next you will check the box indicating this is a Federally declared major qualified disaster loss
5. Next will ask for a FEMA code this is DR-4673
6. Next will ask for property information such as address, etc. This includes cost basis, meaning how much the property cost total and then your insurance reimbursement. 
7. When it asks for FMV before loss, you may estimate that total.  After loss it is zero since the insurance company has reimbursed for total loss. 
8. You can either report this in 2022, or amend your 2021 return and report it there.

Now, once all of this has been reported and if you did not have any other itemized deductions, your standard deduction will increase by the amount of your qualified loss, This will show up in line 16 on Schedule A and also on  line 12 on the 1040. There is also a form in your return calle St Ded with QDL that summarizes this deduction.

@JanetF2