We lost rental home in '18 to water damage through freezing. The house was a total loss. We sold it for the value of land alone. How do we report expenses & losses?

pcullity · ‎June 1, 2019

Before damage FMV was$135000. After, FMV was $40000 (tax assessed value of land alone. We lost the difference. How do we record and report it?

We lost rental home in '18 to water damage through freezing. The house was a total loss. We sold it for the value of land alone. How do we report expenses &amp; losses?