No not necessary for your tax return if damages were for personal property (residence). But keep the information for your records for a future sale of your residence : Increases to Basis (Cost): Amounts spent after a casualty to restore property Decreases to Basis:Deductible Casualty LossesInsurance payments received or expected to be received for casualty losses

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Do I need to enter non-taxable income from a settlement for damages to my property from a utility caused post wildfire debris flow?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Self Employed Online

Best answer by kprice3

No not necessary for your tax return if damages were for personal property (residence). But keep the information for your records for a future sale of your residence :

Increases to Basis (Cost):

Amounts spent after a casualty to restore property

Decreases to Basis:

Deductible Casualty Losses
Insurance payments received or expected to be received for casualty losses

K

kprice3Answer

No not necessary for your tax return if damages were for personal property (residence). But keep the information for your records for a future sale of your residence :

Increases to Basis (Cost):