I want to know how well TurboTax is prepared to address tax concerns for homeowners in NorthEast Connecticut (CT) who have been affected by the Crumbling Concrete Foundation epidemic. I took advantage of the State Grant program and had my foundation replaced in 2019. There were many costs incurred outside the grant. I also have one of the three insurance companies who are participating in assistance. How does this all shake out on my 2019 taxes and is TurboTax prepared to "walk me thru it" or do I need a real live CPA?
Unfortunately, except when incurred in federally declared disaster areas, casualty losses are not deductible on your tax return for 2019.
You will not need to report anything on your tax return in connection with your state grant or your insurance reimbursement unless those reimbursements exceed the value of your loss, which doesn't appear to be your situation.
I'm sorry that I don't have better news for you and that you are dealing with this issue.
On another note, TurboTax has CPAs and other tax professionals available to assist you through our TurboTax Live product if you would like additional assurance. You can add the "Live" option to any of our TurboTax online products by selecting "upgrade" from the left menu bar inside your TurboTax account.
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