Hi @PatriciaV , thanks very much for your comments. I have a follow-up question.
For tax year 2023, should I claim the loss, or wait until tax year 2024 to claim the loss when I regain the use of the property? On one hand, I "think" I may need to report this loss since it happened in year 2023 ( but I may be wrong). On the other hand, since I don't have the total restoration cost and insurance payout numbers yet, I cannot give an accurate deductible numbers because not all of the loss can be deductible (not due to federal declared disaster).
