Deadlines: April 15, 2018 (or whenever your tax return is usually due)
Description: If you receive an insurance payment or other reimbursement in excess of the adjusted basis of damaged or destroyed property you will have a gain.
How to apply: Attach Form 4684 to your tax return: Instructions.
Forms: Form 4684
Personal Info: Address of damaged residence, description of damage, insurance info, current phone number, address to receive mail (links to ways to retrieve this info)
Notes: You can postpone any “recognized” gain on your main home if you buy a new home within 4 years of the end of the year the disaster occurred, or recognize the gain and report it.
You do not have to recognize gain on destroyed/damaged business property if it is replaced within two years of the end of the tax year in which the gain is realized.