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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29941
Experience:  Taxes, Immigration, Labor Relations
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My home and business was damaged in a historic flood in the

Customer Question

My home and business was damaged in a historic flood in the State of Missouri on December 28, 2015. Repairs were made to my home and the 9 cabins in our RV park and resort. I received a FEMA grant (area was declared a federal disaster) and used personal funds to restore the damaged cabins, septic system, store, mobile home and store. My questions are:
JA: The Expert will know how to help. Is there anything else important you think the Expert should know?
Customer: Is form 4684 the only IRS form I need to complete?
Submitted: 1 month ago.
Category: Tax
Expert:  Lev replied 1 month ago.

Claiming the Loss

Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A, Itemized Deductions.

Report casualty and theft losses on Form 4684 , Casualties and Thefts. Use Section A for personal-use property and Section B for business or income-producing property.

So far - you need to use both - form 4684 and schedule A.

Let me know if you need any help with reporting.