We had two natural disasters happen last year (2023). One, a 120 foot tree fell thru our roof and caused major structural damage to the tune of $250,000. Insurance paid for most of that one except for replacing the roof ($6000) and my deductible ($2500). In the second disaster, we got 5 feet of snow and had 3 outbuildings destroyed. I had two replaced for just over $4000 and decided not to rebuild the third.
Both of the incidents were within a federally declared disaster area and were given FEMA disaster numbers (DR-4699 and DR-4683).
My question is really about the first disaster. I did not get the house appraised after the tree hit it but have plenty of pictures. If I am reading the rules correctly, I must provide a before and after appraisal of the house and then there is a clause regarding the lessor of the Fair Market Value, all which sounds confusing.
Also, I retired in 2022, this all happened last year. I understand that I could choose to file the 4684 as an amended return for the year 2022. I made more money that year and paid much more in federal taxes. Is that recommended?
Thanks!
