- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
This discussion has been locked. No new contributions can be made. You may start a new discussion here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Forgetting that an individual generally can't claim a personal casualty loss in 2020? I think there's an exception for certain disasters.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Problem solved. It's a federal disaster area so a personal casualty can be taken. However, with a personal casualty, when the insurance reimbursement is larger than the adjusted basis of the property the reduction in FMV is irrelevant, even if this reduction is lower than the adjusted basis. Because of this, Proconnect simply leaves the before and after FMV off of form 4684.