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Had a house fire April 2018

Forum|Forum|6 years ago
May 1, 2019
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Had a house fire in a non fed declare area.
What deductions if any will be have for tax year 2018?
Also if insurance pays me $100k to replace personal items but same insurance inventory items and appraisers them to be worth $200 K
Would I still have a cap grain if I didn’t replace items?
Thanks for any help

Best answer by Anonymous_

Thanks I think this was the answer I was hoping for.
Insurance loss inventory is at 200K but my my coverage is only 100 K.
I know fed has no deduction for 2018 but I wonder if California local tax still has a deduction?

A

Anonymous_

No text available

N

NashornAuthor

It’s not a rental

No text available

There is no casualty loss available under the new tax laws for personal use property.

Uncertain how this helped out middle american or created jobs.

https://www.mileiq.com/blog/how-changes-to-tax-law-affect-fire-and-casualty-loss-tax-deduction/

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.