Casualty Loss Rental Property

[leekwok]

My rental property got flooded by Harvey, and I want to claim casualty loss for rental property. I spent $25,000 to fixed the damaged rental property. When in the casualty loss form, what I should enter the Cost Basis? the money I spent to fix the house (25K) or the value of the house when I purchased (109K)? Also, for FMV before loss, should I enter the market value of the house before got flooded (MV was 150K before flooded)? The FMV After Loss, based on the neighborhood, same size house like mine sale at 93K (sale as it is) after flooded. Thank you

[Coleen3]

You seem to have a better handle than most on the form.

Your purchase price is the cost. (109k)

Your FMV before: yes, 150K

FMV after, yes 93K (sale as it is)

[leekwok]

Thank you for your help!

[Coleen3]

My pleasure. I'm glad it was helpful!!!