Hurricane Ian Aftermath Vacation/Rental Home

[ladylake]

I like your answer it seems much simpler.  Are you saying that I can treat it all as 2024 activity, in spite of the fact that I received the proceeds in 2023?  Then am I ok not reporting the proceeds or requesting any gain be postponed in 2023 and I would not have to amend the 2023 tax return even if I have some gain since it was never reported in 2023?

Thank you.

[PatriciaV]

Yes, report the activity in 2024. No need to amend a prior return.

According to IRS Pub 547 Insurance and Other Reimbursements, "You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment."

@ladylake