topic No, you don't have to report a loss. It's very difficult... in Deductions & credits

Do I have to report loss due to fire to IRS or is it only if I wish to claim? It's a lot of work itemizing all possessions when my estimate is that the net loss will be 0

petereadman — Thu, 06 Jun 2019 15:58:16 GMT

We suffered a bad apartment fire and lost almost everything we owned. But, when calculating a rough FMV for everything, the difference between that and the insurance payout is negligible. I'm trying to figure out if it's worth the effort itemizing everything on the tax return if I'm not going to end up with any deduction.

No, you don't have to report a loss. It's very difficult...

CherylW — Thu, 06 Jun 2019 15:58:17 GMT

No, you don't have to report a loss. It's very difficult to get any money back, because of limitations. If you have insurance, it's almost impossible.

Thanks - that's what I was realizing. Don't think I'll bo...

petereadman — Thu, 06 Jun 2019 15:58:19 GMT

Thanks - that's what I was realizing. Don't think I'll bother!