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Investors & landlords
The fires in 2018 and 2019 would have reported casualty losses in 2018 and 2019. See Topic No. 515 Casualty, Disaster, and Theft Losses | IRS.
For 2020, it was not rented so you need to go into each asset and mark that it was sold for $0 except for the house. You are saying that the cost basis of the house minus depreciation over the years is greater than the sales price. The program should still be taking the information and counting it. A loss is deductible. See Sales, Trades, Exchanges
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May 13, 2021
5:53 PM