You'll need to sign in or create an account to connect with an expert.
You should have an increase to basis equal to the cost of the new roof (including your $1000).
Decrease in Basis equal to deductible casualty loss and insurance proceeds.
This would basically work out to a $1000 increase in basis.
You should have an increase to basis equal to the cost of the new roof (including your $1000).
Decrease in Basis equal to deductible casualty loss and insurance proceeds.
This would basically work out to a $1000 increase in basis.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
hartski1
New Member
jeprice2842
New Member
emilyburandt
New Member
JeanAtkinson
Level 3
liondoor360
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.