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Other financial discussions
rather than 'arguments and opinions', the direction in the IRS pub 4345 is rather clear on the approach.
https://www.irs.gov/pub/irs-pdf/p4345.pdf
Loss-in-value of property
• Property settlements for loss in value of property that are less than the adjusted basis of your property are
not taxable and generally do not need to be reported on your tax return.
March 29, 2019
1:15 PM