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What year should I claim casualty losses due to Hurricane Irma?
I had casualty losses to my home in September 2017 from Hurricane Irma . The home is in a federally declared disaster area. I will be unable to repair all the damage in 2017. Should I claim my losses on my 2017 return or wait until 2018 when all repairs are complete?
Or should I claim the repair costs in the year in which they occurred? If I do this, will I have to meet the 10% AGI requirement each year?
What is the best way to go?
Or should I claim the repair costs in the year in which they occurred? If I do this, will I have to meet the 10% AGI requirement each year?
What is the best way to go?
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‎June 5, 2019
11:41 AM