I have a rental property with $200,000 basis. I had a casualty loss (Hail) on Dec 01, 2021 partly covered by insurance.
Roof was replaced and exterior components like AC, window screens and garage door were repaired.
Total loss is 30k out which insurance paid 22k. My out of pocket deductible was 8k.
I hired a contractor to do the repairs and they completed all repairs on Jan 10, 2022 after which I paid them $30k.
Should I claim the casualty loss in 2021?
What is the basis adjustment to property in 2021?
What is the basis adjustment to property in 2022?
