I am filling out the hurricane damage - is the date acquired for when bought the house or date of hurrican. and cost basis is that the cost amount of the damage ?

Forum|Forum|7 years ago
June 1, 2019
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Best answer by KatherineC

The date acquired is referring to the date you purchased your house.

The date of the hurricane is entered in the section where you are asked for a description of the Casualty, the date it happened, the property type, the cost basis, etc.

The cost basis is how much you paid for the property plus any major improvements.

On the screen following this one, you will be asked what the property was worth just before the hurricane and what it was worth immediately after the hurricane. This is what your loss is based on - the loss of value.

Please continue reading for further information. Any type printed in blue ink is a link to additional information.

https://ttlc.intuit.com/replies/3301959

KatherineCAnswer

Level 8

The date acquired is referring to the date you purchased your house.

The date of the hurricane is entered in the section where you are asked for a description of the Casualty, the date it happened, the property type, the cost basis, etc.

The cost basis is how much you paid for the property plus any major improvements.

Please continue reading for further information. Any type printed in blue ink is a link to additional information.

https://ttlc.intuit.com/replies/3301959