DaveF1006
Expert Alumni

Deductions & credits

First of all, the The De Minimis Safe Harbor Method is available for casualty or theft losses of $5,000 or less. According to this link, this only available for losses occurred in a federally declared disaster area. 

 

I would not declare the entire house as a casualty loss. I would put down the pipes, floors, wallboards, and floorboards as this would be a more accurate depiction of your loss.  As you go through the questions, you will need to enter the cost basis for what needed replacing. You probably don't have this information but use your best guess estimate.  Same in the next screen when it asks for FMV. For FMV, there was probably some deterioration to some of these items thus may be worth less than the original cost.  

 

Hopefully, this will get you started.  Holler if you have questions. Just an FYI, causality losses exclude the first 10% of your adjusted gross income (AGI) for the year, which means if your AGI was $60,000 for the year, $6000 of your loss will be excluded.

 

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