Hurricane Ian damage discovered after year end

[drjulian]

Our property was severely damaged by hurricane Ian and not covered by insurance. Although we have a general estimate of the damage, due to the difficulty in getting estimates and/or work done as a result of all contractors being too busy, we expect we will discover additional damage not found in 2022. In fact most contractors will not even provide estimates for 6 to 8 months.

My question is: We can estimate the losses (casualty losses and capital losses) for our 2022 taxes, however it is likely that once work is able to begin more damages will be discovered. How do I deduct damages caused by Hurricane Ian (2022) that were not discovered until mid to late 2023?

[DaveF1006]

To report,

1. Go to Federal>deductions and credits 
2. Other Deductions and Credits>Disasters, theft, and other property loss or damage
3. When it asks for a Fema code, Hurricane Ian is DR-4673
4. Continue answering the questions in this section.

Now without knowing the what the cost of the actual damages are, I would suggest waiting until you find out what the actual costs are. in this case, I would suggest to file your return and not report his information. Once you discover what the actual costs are, amend your 2022 tax return to include this information in mid-to late 2023.