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Category: Finance
Satisfied Customers: 12675
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If someone had a house fire and had an insurance claim, do

Customer Question

Hi, If someone had a house fire and had an insurance claim, do they need to itemize everything that is on the insurance claim when they file their taxes? thank you.
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial & tax advice since 1986.


Hi. I can help here.


No, you should keep the receipts, invoices, bank statements or whatever you can to document your out of pocket cost (over what insurance paid) but you'd only be asked for that in an audit.


Report casualty and theft losses on Form 4684