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globug666
February 21, 2023
Question

Loss of Home due to Fire

  • February 21, 2023
  • 2 replies
  • 0 views

My house burned down in 2022.  I received the insurance money, but hav not yet rebuilt.  Is that income taxable on my return.

2 replies

X
xmasbaby0
Employee
February 21, 2023

How dreadful.    Unless you were in a federal disaster area--such as a wildfire area---- the casualty loss is not deductible on your federal return, per the tax laws that went into effect for 2018 and beyond.

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
M
Mike9241
February 22, 2023

You don't report the insurance proceeds.

 

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