I own a 2nd property that I was using as an Airbnb short term vacation rental. I sustained substantial damage and didn't not have insurance on the property. I am not eligible to get help from FEMA so it's up to me to restore the property. My questions are:
1. Can I claim the cost to restore the property on my taxes?
2. I saw on another post that you are able to claim loses on 2021 and 2022 taxes. Is there any way to spread out the claims over more years? I have way more to claim than just those 2 years will cover.
3. Can I claim loss of use for the income that I lost from the bookings I had scheduled?
4. I had 7ft of water in the home so everything was lost. Is there anything that would not be covered inside the home that I need to replace to get it back up and running as a short term rental?
