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If I had a house burn down this year and Insurance did not cover it how do i report the loss in Turbo Tax

Fire was in December and investigation was just resolved  Insurance will not pay so I will be clearing the land to try to recoup some of the loss.  I still need to claim the loss on 2020 taxes though
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2 Replies

If I had a house burn down this year and Insurance did not cover it how do i report the loss in Turbo Tax

So sorry ---that is dreadful.   But unfortunately unless you are in a federal disaster area like  wildfire disaster area, you cannot claim a casualty loss on your federal return.   Casualty loss deductions  were eliminated by the tax laws that changed for 2018 and beyond.

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

If I had a house burn down this year and Insurance did not cover it how do i report the loss in Turbo Tax

unless the house was located in one of the regions declared a federal disaster area, your loss is not deductible due to a change in the tax laws effective in 2018.

.

A qualified disaster loss is now expanded to
include an individual's casualty and theft of
personal-use property that is attributable to a
major federal disaster that was declared before
February 26, 2021, by the President under
section 401 of the Stafford Act and that
occurred on or after December 28, 2019, and
on or before December 27, 2020, and
continued no later than January 26, 2021.
However, this change does not include those
losses attributable to a major disaster that has
been declared only by reason of COVID-19.
If you suffered a qualified disaster loss, you
are eligible to claim a casualty loss deduction,
to elect to claim the loss in the preceding tax
year, and to deduct the loss without itemizing
other deductions on Schedule A (Form 1040).
                                    Qualified disaster losses. A qualified
disaster loss is an individual’s casualty or theft
loss of personal-use property that is attributable
to a major disaster declared by the President
under section 401 of the Stafford Act in 2016,
as well as from Hurricane Harvey, Tropical
Storm Harvey, Hurricanes Irma and Maria, or
from the California wildfires in 2017 and
January 2018.
A qualified disaster loss includes an
individual's casualty or theft of personal-use
property that is attributable to a major federal
disaster that was declared by the President
under section 401 of the Stafford Act if declared
on or after January 1, 2018, and before
February 18, 2020, if that loss occurred before
January 19, 2020. However, this change does
not include those losses attributable to
California wildfires in January 2018 (which
received special relief in 2018). See Qualified
disaster loss, earlier, for more information.
A qualified disaster loss is now expanded to
include an individual's casualty and theft of
personal-use property that is attributable to a
major federal disaster that was declared before
February 26, 2021, by the President under
section 401 of the Stafford Act and that
occurred on or after December 28, 2019, and
on or before December 27, 2020, and
continued no later than January 26, 2021.
However, this change does not include those
losses attributable to a major disaster that has
been declared only by reason of COVID-19.

 

 

See IRS.gov/DisasterTaxRelief for date-specific declarations associated with these disasters

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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