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March 7, 2019
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2018 - we finally got some disaster ins $ for 2017 so how do I file the actual $ we rc'd?

  • March 7, 2019
  • 2 replies
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First of all, this may be too complicated for the forum - so here goes.

2017, we were in a Federally declared Disaster Area.

We filed in 2018 the fed approved 2 years previous to the Disaster year (2017) on our taxes for Casualty Loss....as instructed by TT.

BUT, we did not really get a lot of $ in 2017 (in fact NONE) from the ins company.

However in 2018, we did get $ for this BUT used it all up on getting contractors, etc.

How do we claim this?  First how do we claim the ins $?  Secondly we are not allowed to claim all that work done because of the Fed Law which states you get to claim it 2 years PRIOR to your fed declared disaster.  

Can anyone help?  TY.

    Best answer by NCPERSON1
    If this is money received from your insurance carrier, it is not taxable

    2 replies

    NCPERSON1Answer
    March 7, 2019
    If this is money received from your insurance carrier, it is not taxable
    April 9, 2019

    I wanted to ans my own question

    Add up the expenses then subtract the ins $ rc'd 

    This is in case anyone is wondering how to deal with it.  GL everyone.