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Get your taxes done using TurboTax
You report the amount of the loss as the difference in the fair market value immediately before and after the casualty. This can be established using the cost of returning the property to the condition it was in before the disaster (i.e., if part of the roof was damaged, you couldn't claim the cost of replacing and upgrading the entire roof). Or, you could get a real estate professional to estimate the value of your property immediately prior to and after the disaster.
Please see this help article for more information on deductible casualty losses from Federally declared disasters.
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February 25, 2025
5:40 PM