Insurance

BGP
BGP Member Posts: 1 Newcomer
in Live Q/A Event

Had extensive damage from hurricane Helena. I was paid from several insurance companies for damages to home vehicles etc.

My question is;

How does the insurance payouts affect filling for 2024 tax year?

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 340

    Hi,

    You can still Itemize Casualty Losses for a Federally Declared Disaster. See the Casualty and Thefts section of the Itemized Deductions in the software. When you enter the cost of the damage, you also enter your insurance payouts. Insurance Payouts will lower the total casualty loss or the amount that can be itemized.

    https://www.irs.gov/taxtopics/tc515

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