What should I know about an insured casualty loss?

[Deleted]

Our area was hit with a hailstorm in early January.  Insurance adjuster came out and declared our roof a total loss; we received an initial check for replacement cost, minus deductible, minus depreciation since we have replacement cost coverage.  We hired a contractor and gave him a check for initial insurance amount received plus our deductible.  He has billed insurance company so we will now receive the depreciation amount and pay that amount to him.  Anything in this scenario that impacts our 2016 taxes?

[taxref]

"Anything in this scenario that impacts our 2016 taxes?"

The answer is almost certainly no.  

The reason I qualified that statement with "almost certainly" is because you might have to crunch some numbers, and then put those numbers away with your personal records involving the house.  Making a simple answer complicated, if the insurance reimbursement exceeded your basis in the roof, the basis of your house would be reduced by the amount of the excess.  That has the potential to affect your gain when you sell the house.  If you sell it in 2016 and have a gain of over $250K ($500K if filing MFJ), it could affect your taxes.  

[andi9899]

Nope