What do i need to do for hurricane damage from Irma that wasn't repaired or paid for until 2018?

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What do i need to do for hurricane damage from Irma that wasn't repaired or paid for until 2018?

The casualty loss is based on the decrease in value to your property. So you can still report a loss for the damages that were done.

You will be asked about the type of property, cost basis, date of purchase, any insurance reimbursement, Fair Market Value (FMV) before the loss and the FMV after the loss.

If your damage was due to the 2016/2017 hurricanes, special treatment is available. These losses will be subject to a $500 deduction per casualty.

If you itemize your deductions, you will be able to deduct the loss on Line 28 of Schedule A as a miscellaneous deduction not subject to the 2% limitation.
If you do not itemize, your casualty loss amount will be added to your standard deduction and reflected on Line 40 of your Form 1040.

Please continue reading for more information on casualty losses in a federally declared disaster area. You can click on any information that is in blue print - they are links to further information.

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

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What do i need to do for hurricane damage from Irma that wasn't repaired or paid for until 2018?

The casualty loss is based on the decrease in value to your property. So you can still report a loss for the damages that were done.

You will be asked about the type of property, cost basis, date of purchase, any insurance reimbursement, Fair Market Value (FMV) before the loss and the FMV after the loss.

If your damage was due to the 2016/2017 hurricanes, special treatment is available. These losses will be subject to a $500 deduction per casualty.

If you itemize your deductions, you will be able to deduct the loss on Line 28 of Schedule A as a miscellaneous deduction not subject to the 2% limitation.
If you do not itemize, your casualty loss amount will be added to your standard deduction and reflected on Line 40 of your Form 1040.

Please continue reading for more information on casualty losses in a federally declared disaster area. You can click on any information that is in blue print - they are links to further information.

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

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