I have very specific questions:
I was in Hurricane Ian. I had a loss of my pool cage screens (not the structure). I had a portion of the screens to be completely replaced. A total replacement would have cost $10,000.00. My partial cost me $4610.00.
I do not understand the questions in the Casulty/Theft section. It asks me what the COST BASIS is. What amount would this be? Then it asks the FAIR MARKET VALUE before loss and after loss. What is FMV before loss? Is it what it would cost to replace? FMV after loss was 0 I assume??
My next question is: The day after the hurricane my generator broke and I had to purchase a new one. Can I write this off also? If so, what is the cost basis of the generator? And what is the FMV before and after for the generator?
My next question is my roof. I had a payment from my insurance company for my roof. But it did not completely cover the cost. It ended up being $4,000.00 short after the insurance payment. Again, the same questions as above?? New roof cost is $26,000.00
I appreciate so much your answering these questions for me.
