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March 21, 2025
Question

casualty loss from hurricane disaster

  • March 21, 2025
  • 1 reply
  • 0 views

The disaster Declaration was in 2022.  Our condominium association issued a Special Assessment for the hurricane damage in December of 2023, after damage was evaluated and insurance proceeds were determined.   

1.  Can we deduct the assessment in 2023, or do we have to file an amended return for 2022?

2.  What do we enter for "Date Acquire"?  Date we purchased our condo?  

3.  What do we enter for "Cost"?  What we paid for our condo?

 

 

1 reply

March 21, 2025

if it was located in a federally declared disaster area you can choose 2022 or 2023 to take the casualty loss. you file form 4684. Use part A if it was your residence. Use part B if it was a rental.  

L RoseAuthor
March 21, 2025

Thank you!