It depends. Since this was part of a Federally Declared Disaster (FEMA Code DR-4673) you may report this as a Casualty Loss, which would be included in Itemized Deductions on Schedule A. However, you may wish to compare this outcome with the options below.
If you used the condo only for personal days, you may enter this transaction as the Sale of a Second Home. But if you rented the condo to others and previously reported this as a Rental Property, you would need to enter this under Rental Properties or as the Sale of a Business Asset.
The sale options will report the gain or loss on Form 4797 and/or Schedule D as appropriate. If you received insurance reimbursement for this property in 2023, use this amount as your sales price.
The easiest way to find any section of TurboTax is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in the topic you need, hit Enter, and click the "jump to" link to go directly to beginning of that topic.
Or go to the left column in TurboTax Online and click on Tax Tools >> Tools >> Topic Search. Type in your topic, then click the topic in the list to go directly to the start of that section.
For specific steps on these options, see:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
