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Level 3
February 28, 2023

Casualty Loss

  • February 28, 2023
  • 2 replies
  • 11 views

Is insurance reimbursement received in 2023 deducted from casualty loss in 2022?

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2 replies

sjrcpa
Level 15
February 28, 2023

The casualty loss deduction is reduced by insurance proceeds received or expected to be received - in whatever year.

You don't have a loss to the extent insurance covered it.

The more I know the more I don’t know.
holodeckAuthor
Level 3
March 1, 2023

Thank you so very very much.

sjrcpa
Level 15
March 1, 2023

You're welcome

The more I know the more I don’t know.