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I had a water pipe break in the house, the insurance company…

I had a water...

I had a water pipe break in the house, the insurance company paid all but $1500.00 of the total amount, can I declare a loss of that difference on my tax return, and if yes how do I list it.

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Accountant's Assistant: Has anything been filed or reported?

No

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Answered in 22 minutes by:
3/6/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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You will report casualty losses of personal use property on line 20 of Schedule A and attach Form 4684.

I have placed further detail about the forms and process below.

____

If your property is personal-use property or isn't completely destroyed, the amount of your casualty loss is the lesser of:

  • The adjusted basis of your property, or
  • The decrease in fair market value of your property as a result of the casualty

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

For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement.

Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year. Report casualty and theft losses on Form 4684.pdf, Casualties and Thefts.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,148
2,148 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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