RobertB4444
Expert Alumni

Deductions & credits

You will take a deduction for your repair cost.  The repair cost is a good measure of your loss of value.  However, you are getting a deduction for it.  It will not add to your basis.  It will restore your basis to what it was before the disaster.

 

@Boxster98 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"