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boohusky
New Member

We had a rental property destroyed by fire- insurance paid us we now are starting to rebuild. Do we report this as a casualty loss on our Federal taxes?

 
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1 Reply
PaulaM
Expert Alumni

We had a rental property destroyed by fire- insurance paid us we now are starting to rebuild. Do we report this as a casualty loss on our Federal taxes?

Yes, this is a casualty loss that you can report on your taxes. See FAQ below for instructions.

https://ttlc.intuit.com/questions/1901178-what-if-i-have-property-that-was-stolen-or-damaged-a-casua...

https://www.irs.gov/publications/p527#en_US_2017_publink1000219133

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