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do I have to claim my home owners insurance refund from my

house burning down to the...
do I have to claim my home owners insurance refund from my house burning down to the IRS?
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1/3/2013
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,854
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Welcome, THANK YOU for using Just Answer. My goal is to help make your life...a little...LESS taxing.

Sorry to hear about your home. The insurance reimbursement is taxable IF it exceeds the amount of the loss. Also, if you are planning to take a casualty loss on your tax return, the loss amount must be reduced by any salvage value and by the insurance amount that you rec'd.

------------------------------------

As you lost your home in a fire, this considered a casualty loss, and the IRS allows a deduction for this. SEE BELOW:

A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration. Casualty and theft losses are reported on Form 4684 (PDF), Casualties and Thefts. Section A is used for personal-use property.

Link to Form 4684/instructions:

http://www.irs.gov/pub/irs-pdf/f4684.pdf
http://www.irs.gov/pub/irs-pdf/i4684.pdf

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Donna,

Thank you for the positive rating. For more detailed information regarding casualty losses, you can refer to IRS Topic 515.

Link to Topic 515:

http://www.irs.gov/taxtopics/tc515.html

Wishing you and yours a healthy, wealthy, and prosperous 2013.
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