Filling for a disaster loss on taxes
In June of last year, a tree fell on my mobile home completely destroying it.
We were about 2,000 from being paid off for it. It damaged all of our master bedroom stuff clothes furniture and what not. The trailer had to be moved and disposed of.
So here's my question I owned the trailer (I was the person on the agreement for mobile home) and after I collected 5,000 from property manager in October of last year;
I have not worked in the past year
My husband has worked in the past year
He is claiming me and kids on his taxes, we have already filled returns
Someone advised me about capital loss and I am not sure if it applies in my case.
If Yes, can I amend my husband's tax return to claim this capital loss?
Should I just claim on that capital loss and file a return?
These are the numbers: The mobile home would have been 20,000 after paid off. We received 5,000 and that covered only the belongings.
We personally did not have insurance this came from pocket of property management because he somewhat exerted responsibility because we asked about the tree for years and nothing was ever done and technically the 5,000 was only for our personal stuff not mobile home it's self I'm sorry hope this helps
(1)1 Comments
Sorted by latest first Latest Oldest Best
The IRS has a way to claim a deduction on casualty losses. The narrative description is here
File Form 4684 to calculate the deduction. Include the furniture, clothes, appliances as well as the home.
Basically, you will be able to deduct (the smaller of loss in value or your basis [what you paid minus any depreciation you have claimed]) minus insurance or other payments to make you whole (the 00) minus 0 per event minus 10% of your adjusted gross income.
So approximately (000 + value of clothes and furniture - 00 - 0 - 10% of your annual income).
This is a Schedule A itemized deduction. If you don't already itemize, the difference is instead of the standard deduction, you can claim state and local tax, mortgage interest, medical expenses, charitable donations, etc. If you weren't marshaling medical receipts, etc already, try to gather as much as possible to maximize.
The standard deduction for married filing jointly is ,600 plus 50 per kid so you need the total of the Schedule A deductions to exceed this amount to make it worthwhile.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2025 All Rights reserved.