Feb 11, 2010 from
Anonymous
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if you have a major loss such as house fire do you have to take all the loss the year the fire happened or can you do it for a few years
I've already tried...
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You can only deduct a casualty loss in the tax year in which the casualty or disaster occurred. However, if it is a federal disaster loss you can choose to deduct disaster area losses on your return for the year immediately before the disaster if the President has declared your area a federal disaster area. The only way you can deduct the loss in more than one year is if the amount of loss exceeds your income and you have a loss carry forward to another year.
If you receive insurance proceeds after you file the return then you have to amend the return to claim the proceeds.
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