When to file 4684 Hurricane Ian

[BHoffman]

Hello all!  I retired in 2019 and moved to Florida.  Hurricane Ian hit my house but I’m blessed and grateful that it’s still standing. I’m not as sharp as I used to be and even after reading all instructions still not sure that I can file 4684 in TY 2023 to report the Ian loss.  I think so since there a reasonable certainty of reimbursement that will occur in 2023. Am I understanding this correctly?

My father passed in his sleep 1/15/2018. I inherited everything. My husband and I decided to sell our Phoenix house and be semiretired snowbirds between FL and PA. Everything was all set. My beloved husband was diagnosed with terminal cancer in July, 2019.  I retired immediately to take care of him. He passed in April, 2020.  Ever since, I haven’t been able to remember or think very well. I lurk often to see your names and your news. Thanks for any advice. 

[BulldogTom]

@BHoffman  So sorry to hear about your struggles and heartaches over the last couple years.   Please accept my heartfelt sympathy.

As to the disaster loss...the year of reporting is generally the year in which the amount of the loss can be ascertained.   So, if you have insurance and you don't know how much the insurance reimbursement is, you don't claim the loss until you know what the insurance will reimburse.   In your case, if you timely filed your insurance claim, and you have been paid out by the insurance company, or they have told you an amount that you are reasonably certain will be paid, then you can take the loss on your 2022 return.    

If you don't know how much your loss is and you cannot reasonably estimate the amount of the insurance reimbursement (because you don't know how much you will get from insurance) then you should wait until you file your 2023 return to claim the loss (after the insurance reimbursement is finalized).

Hope this helps.

Tom
Longview, TX

 

[BHoffman]

Thanks!  I guess it doesn’t take long after retirement to get rusty.

[Lion EA]

It doesn't take long BEFORE retirement to get rusty! Thanx for lurking around, and much love to you.