Hi,
We were impacted badly by IDA flooding. We weren't own the property instead we were renting and our home was flooded and most of our personal property items (furniture - sofa, bed, mattress, etc..., big electronic items, luggage, clothes, shoes, kitchen crockery) were lost. Can I add these lost items under casualty loss as this is declared a federal disaster?
Additionally, why it's mentioned to claim in 2020 returns? This is last year's disaster and I think I should be reported in the 2021 tax? "Affected taxpayers claiming the disaster loss on a 2020 return should put the Disaster Designation, "New Jersey – Hurricane Ida" in bold letters at the top of the form."
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Losses You Can Deduct
For tax years 2018 through 2025, if you are an individual, losses of personal-use property from fire, storm, shipwreck, or other casualty, or theft are deductible only if the loss is attributable to a federally declared disaster If you suffered a qualified disaster loss, you are eligible to claim a casualty loss deduction in the year it occurred or to elect to claim the loss in the preceding tax year
thank you @Mike9241 for the prompt response. How would you recommend reporting the personal property items loss? Should I categorize the items like furniture, electronics, etc... and enter them as separate property loss descriptions OR just club them into one property description of Hurricane IDA damage?
I recommend entering property like furniture (a couch, a chair, a dining room table/set) and electronics (a TV, a computer) as individual items. Property such as clothing can be a category.
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