Hello. I'll try to be brief. I need to amend my 2017 return soon if I intend to claim a Hurricane Irma deduction.
Facts:
1. Claimed known related damages on my 2017 return.
1. Actual related damages are now $100k +
2. Claim denied by insurance carrier.
3. Lawsuit filed, but no guarantee of a settlement by April 15, 2021 or at anytime thereafter.
Questions:
1. Must I make and pay for the repairs in order to claim a deduction?
2. Is a repair estimate sufficient for establishing Fair Market Value after the loss?
3. What else does the IRS require to substantiate this type of claim?
4. Any other recommendations?
Thank you in advance for any assistance you can provide!
