In 2017 I was in a fed declared disaster zone but I was not able to get ins $ till 2018. I spent about $100k updating my home how do I report this + more questions

[Ruthlilycat]

So, under home improvements, bc we have our own biz, I put in that what we spent, which was about $100k & it reduced our taxes a LOT, in fact TT says we should get $10k+ back, so far.

But we also rc'd ins checks in 2018.  Do I subtract the ins checks from what I paid for the home improvement?  

As you know, in Fed Disaster things, it's just that year (2017) for us + 2 years prev.  So we didn't really qualify for any of that stuff in 2018.

TY

[MarilynG]

Yes, you should definitely subtract the insurance reimbursement amounts from what you spent.

The Casualty Loss Credit is to help you with what you had. to spend out-of-pocket to repair your home (not covered by insurance; including your deductible). 

If you are claiming the loss in 2018, you can also claim the reimbursements in 2018, even though the loss occurred in 2017.

The good news is that you can claim the loss even if you don't Itemize.

Here's more info:

https://ttlc.intuit.com/replies/6469344