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Can I claim a casulty loss if my 2nd home was destroyed in Hurricane Ian?

How do I  file a casulty loss from Hurrican Ian?
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Can I claim a casulty loss if my 2nd home was destroyed in Hurricane Ian?

Yes - this assumes it wasn't rental property since the reporting is different


Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. if the property is located in a federally declared disaster area. You file form 4684 using section A. 

Affected taxpayers claiming the disaster loss on their return should put the Disaster Designation, "FL Hurricane Ian" in bold letters at the top of the form. Be sure to include the FEMA disaster declaration number, DR-4673-FL, on any return. 

 

The amount of your casualty loss is the lesser of 1) the decrease in adjusted basis of your property or 2) the decrease in the FMV of the property and subtracting any insurance or other reimbursements you have received. In some cases, the amount expended to restore the property to its original condition can be used as the measure of the decrease in FMV.

You can elect to deduct your Hurricane Ian related disaster losses on your 2022 or 2021 return. The election to claim on the previous year must be made no later than six months after the original due date for filing your current year return (ie by October 15, 2023).

 

If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when figuring your loss. If in the year of the casualty there is a claim for reimbursement with a reasonable prospect of recovery, the loss isn’t sustained until you know with reasonable certainty whether such reimbursement will be received. If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when figuring the loss. You must reduce your loss even if you don’t receive payment until a later tax year.

 

i'm providing a link to the 2021 instructions for completing the various lines of schedule a on form 4684. they begin on page 4

https://www.irs.gov/pub/irs-pdf/i4684.pdf  

 

i'm also providing a link to IRS PUB 547 which covers casualty losses 

https://www.irs.gov/pub/irs-pdf/p547.pdf 

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