Thank you, PatriciaV
Just to confirm, when you say "you may claim the entire reduction in fair market value of the property", it means I can enter $15,000 casualty loss in Form 4684 Section B. Right?
I'm not sure if I understand your comment "The deductible may be reported as a rental repair expense." Does this mean I can enter $15,000 rental repair expense in Schedule E? Or are you saying I can enter $1000 rental repair expense in Schedule E?
Please confirm both.
Thanks.
