you can elect under IRC 1033 to defer the gain on the home. you have a gain because the way the IRS looks at it is that the insurance company paid more than your basis. IRC 1033 allows deferral of the gain in case of involuntary conversion by acquiring replacement property costing more than the insurance proceeds. in the search box start typing - election to defer gain Involuntary Conversion. if i understand the Turbotax instructions form 4684 is not included for the home. if you elect to defer the gain.
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the personal property is more of n issue the rules say you have to figure any gain or loss for each individual item. see PUB 547 page 12
Both real and personal properties. When a
casualty involves both real and personal properties, you must figure the loss separately for
each type of property. However, you apply a
single $100 reduction to the total loss. Then,
you apply the 10% rule to figure the casualty
loss deduction.
Example. In July, a hurricane, which was a
federally declared disaster, damaged your
home, which cost you $164,000 including land.
The FMV of the property (both building and
land) immediately before the storm was
$170,000 and its FMV immediately after the
storm was $100,000. Your household furnishings were also damaged. You separately figured the loss on each damaged household item and arrived at a total loss of $600.
