No, if you wish to report this as a causality loss on a 4684 but the information will be populated on a 4797 in your return and then will be reported in Schedule 1-line 4 of your return.
- Go to federal>Deductions and Credits
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Other Deductions and Credits>Disasters, theft, and other property loss or damage
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As you answer the questions, be sure to pay attention to the wording in the section as there are questions that ask if this involves business property and rental estate. Be sure to answer these questions carefully.
I would strongly suggest you wait until you receive your full insurance payment to report this. Once you receive your payment, then amend your 2021 return, using the steps provided and the full insurance refund reported. If you receive it before filing this return however, you can file it then. To amend:
- Log into Turbo Tax
- When you reach the landing page, scroll to the bottom where your tax returns and documents are.
- Select 2021, and click on the option to amend and change return.
- Answer the questions about why you are amending
- Once you begin working in your return, your refund monitor will reset to 0.
- Then begin the steps I outlined above.
@Ihatedoingtax
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