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House flooded - personal property loss - tax deduction
Posted on 3/12/22 at 3:10 pm
Posted on 3/12/22 at 3:10 pm
My house flooded last year. FEMA didn’t cover all my personal property losses. I can deduct these on my federal return however Louisiana is not very clear. Can I deduct these on my state return?
Posted on 3/12/22 at 6:05 pm to lsufan0307
I use TurboTax for this exact reason, it’s foolproof. It asks if you’ve had disaster losses not covered by insurance. You give the details and it does the rest. Some people hate TurboTax but I’ve used it since 2010 and haven’t had a single issue.
Posted on 3/13/22 at 10:23 am to lsufan0307
quote:
Can I deduct these on my state return?
Yes, but not yet. Not a tax person so may get some of the lingo incorrect, but this came up after Ida.
This is typically something that will be included in the State returns, but it takes an amendment. LA only addresses these items in odd years, and it didn’t come up in time for the 2021 legislation; so we’ll have to wait until 2023.
This was the case for Ida, not sure how they will work in the other major events for 2021. Also don’t know if you’ll be able to include it in 2023, or if you’ll have to amend your 2021 (which is stupid)
Posted on 3/14/22 at 8:32 am to lsufan0307
I flooded in 2016 and was able to write off some stuff. I can't remember the exact process as I let a tax guy handle it for me. I think it had something to do with the depreciation of the house. I know I got a huge refund that year.
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