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Single family home rental had fence demolished by Hurricane Florence. Where do I claim the insurance payout? Can I claim the entire amount for replacement in this year?

 
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4 Replies
Leonard
Intuit Alumni

Single family home rental had fence demolished by Hurricane Florence. Where do I claim the insurance payout? Can I claim the entire amount for replacement in this year?

You do not claim the insurance payout you received to repair/replace your fence demolished by Hurricane Florance on your tax return.

Any expenses not covered by insurance can be claimed as a casualty loss on Form 4684.  You can claim the entire amount on your 2018 tax return.

Argtaxes
Returning Member

Single family home rental had fence demolished by Hurricane Florence. Where do I claim the insurance payout? Can I claim the entire amount for replacement in this year?

When a question is asked in 2019 why are the answers referring what you have to do with your 2018 Taxes?

Do you have to do an amendment or can it be deducted in 2020 since the question is asked in June 2019 and I assume the 2019 taxes would already have been sent in?

 

Trying to understand

Hal_Al
Level 15

Single family home rental had fence demolished by Hurricane Florence. Where do I claim the insurance payout? Can I claim the entire amount for replacement in this year?

Questions posted in 2019, would typically have  been for 2018 tax returns, not 2019 returns.

 

There was a major forum change in May-June 2019, so many of the questions with a May or June 2019 date were only moved from the old forum, on that  date, and may actually be about tax returns prior to 2018 (under the old tax laws). 

 

In general, you can not report prior year activity on the current year return.  You must file an amended return.

Carl
Level 15

Single family home rental had fence demolished by Hurricane Florence. Where do I claim the insurance payout? Can I claim the entire amount for replacement in this year?

When a question is asked in 2019 why are the answers referring what you have to do with your 2018 Taxes?

Same reason that a question asked in 2020, is about your 2019 taxes. It's 2020 "right now" and physically impossible to be working your 2020 personal tax return, since the 2020 tax year isn't even close to over yet.

But take special note that the original question in this thread and the first response in this thread have the "same" "exact" date/time stamp down to the second. There's no way possible that first response was typed and posted within 1 second after the question was posted. So that's a good indicator this thread was copied over from the old forum platform. That means you really can't trust anything in that thread since that date/time is the date/time the thread was copied over, and not the date/time the thread wsa started. This thread could have actually be started as early as 2017 or 2018 for all we know.

This confusion with posting date/times is just another one of those things that those responsible for the transition failed to address prior to the transition to the new forum platform.

 

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