Hi,
I am not an expert, I will try to answer your question. Here I copy Dave's answer:
"Here is how to report:
- Go to federal>deductions and credits
- Other deductions and credits>casualties and thefts
- Give Hurricane Ian as a description, date, and indicate this is personal property
- Next you will check the box indicating this is a Federally declared major qualified disaster loss
- Next will ask for a FEMA code this is DR-4673
- 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.
- 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.
- 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."
Hope this help. Thank you very much. @Jane518 @DaveF1006
