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
You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dlin011
New Member
taxation24851
Level 1
chance257
Returning Member
barbaralou
New Member
freefall951
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.