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Deductions & credits
You need to determine if part of a federal disaster and /or you may have insurance reimbursement.
You want to begin with Topic No. 515 Casualty, Disaster, and Theft Losses | Internal Revenue Service. Declaring a federal disaster loss is covered in the article and you would use Form 4684 for casualty loss.
However, you may have had a gain due to insurance, which would create taxable income. This is also covered in Topic 515. I am sorry this happened to you.
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March 13, 2024
9:15 AM