Contact UsIf I am filing a form 4684 as a disaster victim, can I claim property loss that would not be covered by my insurance if I itemized when I received a non-itemized lump sum?
My example is that if I had a maximum jewelry coverage of $100 but lost $1,000 in jewelry. But my insurance gave me a non-itemized lump sum. Can I claim that $900 on a form 4684? (if I had itemized it's possible I would have gotten less than the lump sum).
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Tax Professional Answers
John Stancil
The fact they did not give you an itemized list of what they paid does not affect your potential deduction. It was one loss, so you take the cost of the jewelry and subtract the amount paid by insurance. That is the amount of your loss. Of course, that's not your deductible loss. Gotta go through the hoops and deductions.
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322 weeks ago
John Stancil
The fact they did not give you an itemized list of what they paid does not affect your potential deduction. It was one loss, so you take the cost of the jewelry and subtract the amount paid by insurance. That is the amount of your loss. Of course, that's not your deductible loss. Gotta go through the hoops and deductions.
Leave a Comment
322 weeks ago
John Stancil
The fact they did not give you an itemized list of what they paid does not affect your potential deduction. It was one loss, so you take the cost of the jewelry and subtract the amount paid by insurance. That is the amount of your loss. Of course, that's not your deductible loss. Gotta go through the hoops and deductions.
Leave a Comment
322 weeks ago