Thank you! I will not worry about the 2023 insurance proceeds until next year.
Am I correct in assuming the assets will have no Fair Market Value since their basis is 0 due to the De Minimis election I used when they were all purchased during 2021? The insurance proceeds will not fully cover the cost of replacement. How will that affect the gain or loss? If they have 0 basis won't they all have gain? Then will the insurance proceeds offset that so that the net effect will either be a gain or loss?
