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Deductions & credits
Thanks for the info. We didn't take a previous tax deduction for any casualty loss. For example, we had roof damage of $20 K and the insurance company paid us $15 K (after the deductible). Using this scenario, I would enter $20 K on line 3a, $ 15 K on 3b and "0" on 3c since the values are net and we didn't take a deduction previously on any tax return. Thus we have a $5 K increase in basis. Thanks
March 8, 2020
5:36 AM