Thanks @Delturba01 for answering. Again, so sorry you had to go through that!
When you use TurboTax Online it will ask you if your were effected by any federal disasters. You will answer yes, and follow the next steps. Turbo Tax will walk you through it.
Here is that link which explains what can and cannot be claimed:
https://turbotax.intuit.com/tax-tips/tax-relief/uncle-sam-to-the-rescue/L6x0OF5c1
Here is another link that is helpful:
Basically you cannot deduct what the insurance company reimbursed you for. Keep track of receipts and costs.
We are here for you @Delturba01
Hi @Delturba01 ,
So sorry you had a flood where you live. A couple of questions:
Where do you live?
You had a flood there in July of 2023, which was declared a Federal Disaster, correct?
Do you have an extension filed for 2022 taxes, is that correct?
Let me know and I will help you with what your next steps are.
Here is a great tool to explain how to handle casualty losses:
https://turbotax.intuit.com/tax-tips/tax-relief/uncle-sam-to-the-rescue/L6x0OF5c1
This should help too!
Thank you
I live in Chicago
Yes, it was declared as a response to the homes
Yes, I filed an extension
Thanks @Delturba01 for answering. Again, so sorry you had to go through that!
When you use TurboTax Online it will ask you if your were effected by any federal disasters. You will answer yes, and follow the next steps. Turbo Tax will walk you through it.
Here is that link which explains what can and cannot be claimed:
https://turbotax.intuit.com/tax-tips/tax-relief/uncle-sam-to-the-rescue/L6x0OF5c1
Here is another link that is helpful:
Basically you cannot deduct what the insurance company reimbursed you for. Keep track of receipts and costs.
We are here for you @Delturba01
It was an uninsured motorist and our insurance changed the policy without our knowledge, so the car was not covered for damages. Is it still the same results? We learned all this last year and the crash was in the end of 2021.
No one has prepared or filed a 2023 tax return yet. Tax returns for tax year 2023 will be prepared and filed next year in 2024. The software for 2023 returns will start becoming available sometime in November. Your 2023 loss will go on your 2023 return.
@Delturba01 Wait----not a flood or federal disaster, but a casualty loss pertaining to a car? Was this your personal car or a car used in business? If it was your personal vehicle, sorry, but that cannot be entered on your federal return. Since the tax laws changed for 2018 and beyond, casualty losses cannot be deducted on a federal tax return unless the loss is due to a federal disaster.
@Delturba01 Then...sorry, no federal deduction. And why that stuff about a flood?
Correction on this wrong thread. I incurred loss in multiple instances and for this thread, it was property lost in a flood which was declared a natural disaster area
@Delturba01 That got confusing. If the flood occurred in 2023, then if the flood was in a federally declared disaster area, you can use it on your 2023 return that you prepare in 2024.