I am sorry for about the IAN Disaster. For Casualties, Disasters and Thefts refer to Publication 547, and Publication 551, Basis of Assets. Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A .
Only homeowners occupying a home as a primary residence at the time of the disaster are eligible for FEMA awards. FEMA cannot offer them for repair of second homes.
You can claim a disaster loss in one of two ways. At this point you You may claim the disaster loss for the 2022 tax year when you file, or you may claim the loss against 2021 income by amending.
You can use TurboTax to amend your tax return on Form 1040X, writing “Disaster” in red at the top of the tax return and the name of your city, county or state that was declared a disaster area.
How to enter your qualified casualty loss
- Open or continue your return in TurboTax.
- Search for casualty loss and then click the Jump to link in the search results.
- On the Casualties and Thefts screen, select Yes to the question Do you want to work on your 2022 casualties and thefts now?
I hope this helps. If you need additional assistance, please return to the forum.
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