1. The basis for just the roof is hard. You could compare value of the house before and after the storm. You may have incurred other damage, like plants, fence, etc. The repair price definitely shows the amount to replace but may not be completely accurate. A new roof replacing a fairly new roof or a 10 year old roof. The $25,000 may have caused an increase in value of the home, maybe not.
2. You can talk to a realtor or other area experts and come up with a reasonable answer for values. The IRS will accept any reasonable method to determine your before and after values.
3. Yes, zero.
4. Not an either or situation.
- If it is your main home, no such maintenance/ repair exists, claim the casualty.
- If this is a rental property, you can depreciate the roof.
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