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Is It Necessary To File a Casualty Claim

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    #1

    Is It Necessary To File a Casualty Claim

    This post is a follow up to my post "Insurance Proceeds From Storm Damage" on 8/9.

    If the person receives insurance proceeds for payment of damage due to hail storms, is it required to file a casualty loss 4684 to establish that the owner is going to adjust their basis in the property? I'm not sure how that would work. What if they don't qualify for the casualty loss or qualify to itemize.

    Is there a requirement that the choice to adjust the basis be reported?

    Thanks
    You have the right to remain silent. Anything you say will be misquoted, then used against you.
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    #2
    Look at TTB sections 4-20 to 4-23
    Always cite your source for support to defend your opinion

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