I've spent an hour trying to enter a Casualty event. I fill all the fields out, click DONE and the entry in my schedule C list shows $0.
I've tried to do it using Forms View, No JOY, Still comes up $0.
I think this is a BUG - the input does not update when returning to the Deductions page.
Either that or I've gone crazy.
Help?!?
Your casualty loss is not deductible on your 2022 tax return.
For tax years 2018 through 2025, only casualty losses in a federally declared disaster area and associated with that disaster are deductible.
For tax years 2018 through 2025, only theft losses associated with a Ponzi scheme are deductible.
When you enter your Casualty Event, remember that there's a $500 deductible to account for.
Let's say you needed a new roof and the cost to replace it was $5,000. Enter the FMV before the Event as $5,000 and the FMV after the Event as $0.
If your insurance paid you $2,000, you should end up with a Casualty Loss of $2,500 ($5,000 less $2,000 insurance less $500 deductible). The difference between the FMV before/after the event is your loss.
Click this link for more info on Reporting a Casualty Loss.
Yeah, but still not working. A Dump Truck backed into our Gate & Gate column. Gate & Column Cost us $10,000 to originally install. It cost $5000 to repair (using what was leftover, salvageable, and bought new). Minus the $500 deductible SHOULD equal $4500.
Insurance paid ZERO (high deductible).
So I fully expect the Casualty deduction to show as $4500, instead I get ZERO.
Thanks
a business casualty loss does not show up on schedule C. it carries to form 4797 from there it may flow to schedule 1 line 4
Your casualty loss is not deductible on your 2022 tax return.
For tax years 2018 through 2025, only casualty losses in a federally declared disaster area and associated with that disaster are deductible.
For tax years 2018 through 2025, only theft losses associated with a Ponzi scheme are deductible.