You need to break this down and handle/deal with one item at a time.
1) Reporting the loss.
2) Dealing with the rebuild
3) Whatever you want to do next (sell, lease it out again, whatever.)
So for now, don't bother with items 2 and 3. Just concern yourself with item 1.
Now nothing happens until it's time to file your 2019 tax return. But what you can do if (AND ONLY IF) you have the CD version of TurboTax, you can do some rough figures by pretending the loss happened in 2018.
The first thing you do is back a backup copy of your original .tax2018 file located in the documents/turbotax directory. You*WILL* be making a lot of changes to it. So you need to be able to restore the original file before your start your 2019 tax return. Otherwise, you'll be royally screwed when you import data from he 2018 file into your 2019 taxes.
it was a total loss for the insurance
That statement requires clarification. While it may be a total loss for the insurance company, it is not a total loss for you, any way you look at it. This is because you still have the land. Insurance companies do not insure land. They only insure the structures on that land, and that's it. Therefore it's important to understand that "you" do *Not* have a total loss.
Still with me on this before I continue?
