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Investors & landlords
It depends. You cannot use those quotes specifically, but you can deduct the fair market value decrease of your home due to the hurricane. You must reduce the loss by insurance payments, and you must have already applied for any available insurance reimbursement. If they have already denied your coverage, then that would not apply.
The fair market value before the casualty or loss equals what the house would have sold for immediately before the hurricane. The fair market value after the casualty is what the house or item would have sold for on the market after the storm.
For more information, refer to IRS Pub 547 and also What if I have property that was lost or damaged (a casualty loss)?
‎February 19, 2025
2:12 PM