Need to ask for advice on my calculation of FMV before casualty losses and FMV after casualty loss and reported on insurance deductible $6K on my rental property that I reported as Casualty losses on Schedule A Itemized deduction correctly. Is my number look reasonable? See below detail! Thank you for your help!!
Form 4684 Casualty or theft losses for rental property
Line 20 cost or adjusted basis 106,183
Line 21 Insurance reimbursement 17,874
Line 23 FMV before casualty or theft 152,930
Line 24 FMV after casualty or theft 129,056 (152,930 - 17,874 - 6,000)
Line 25 Subtract Line 24 from Line 23 23,874
Line 26 Enter the smaller of line 20 or line 25 23,874
Line 27 Subtract line 21 from Line 26 6,000
I can deduct insurance deductible for my rental property $6K as Casualty losses on Schedule A itemized deduction? Thank you so much for your help!
