Casualty Loss

holodeck · ‎02-28-2023

Is insurance reimbursement received in 2023 deducted from casualty loss in 2022?

sjrcpa · ‎02-28-2023

The casualty loss deduction is reduced by insurance proceeds received or expected to be received - in whatever year.

You don't have a loss to the extent insurance covered it.

The more I know the more I don’t know.

holodeck · ‎03-01-2023

Thank you so very very much.

sjrcpa · ‎03-01-2023

You're welcome

The more I know the more I don’t know.