Filing property damage on next year's return

[dralandlytle]

I have had property damage related to a flood.  I'll file my property loss on Form 4684 next year, but can I also claim the $4,200 cost for the water abatement?  If so, how?

[SweetieJean]

Any insurance coverage?

[Carl]

Assuming this is on your personal residence, you'll be claiming/reporting everything under the Deductions & Credits tab in the Casualty & Thefts section. This will include both insurance payouts as well as your out of pocket expenses which will at a minimum, include your insurance deductible. Just make sure you keep/save all receipts to back up your claim should the IRS ever question it.
Usually if the IRS ever questions a tax return, it's generally 18-36 months after the return has been filed and processed. So even after the return has processed you should keep all your paperwork related to any and all tax returns for an absolute minimum of 3 years. Since the IRS can audit back as far as 10 years, it's better to keep hard copies of everything for at least that long.
You won't need to deal with the finer details of this until tax time. But so long as you have all the paperwork and document everything related to your loss, it shouldn't be a problem providing you assistance in this public forum if you request it at tax filing time.

[SweetieJean]

and the flood must have been sudden and accidental, not due to a slow leak, etc.

[Carl]

You'll deal with all those finer details at tax time. But for some quick reading see <a rel="nofollow" target="_blank" href="https://www.irs.gov/uac/top-10-tips-for-deducting-losses-from-a-disaster">https://www.irs.gov/uac/to...>

[jerry2000]

Note also that a Casualty & Theft deduction is an itemized deduction. Until all of your itemized deductions added together are more than your standard deduction, they provide no tax benefit.
2016 Standard Deduction (2017 isn't out yet)
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse