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I loss my rental house on 2 January to the storm in Albany…

I loss my rental house...
I loss my rental house on 2 January to the storm in Albany GA. How do I declare this on my taxes?
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Answered in 5 minutes by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Customer reply replied 1 month ago
Ok I am waiting!

You will use the form 4684 to report the loss. You will need to make adjustments for your claim based on any insurance you received for the loss.

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. See Publication 547 for details.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements.

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Sorry if I made you wait. I am in GA too was checking to see what may have happened down in Albany in JAN

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Customer reply replied 1 month ago
we had two really bad storms, one on the 2nd of Jan and one on the 22nd I believe, My home had three trees go through it, one took off the master bedroom, completely off the foundation, one went through the other bedroom, the other went through the kitchen and the living room. I have USAA insurance and they said the house was to be demolished. the house is on the river which cost more to be removed due to the water. !6,000.00 to remove the trees, and 27,000.00 to remove the house.

You will use the form 4684 and make certain to list any Insurance payments you received.

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Customer reply replied 1 month ago
Thank you Robin, I will get the forms and pubs. did you find the info about the storms in 2017? IT was really bad.

I forgot about those what with IRMA and all.

Hope all goes well. The 4684 loss will be carried to your Schedule A. Leave the rental off reporting for 2017 Schedule E.

A positive 5 star rating is appreciated

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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