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RID0710
New Member

casualty loss/deduction

Similar to other questions posted. I have a 8 year old house damaged by Ian last year in September. This year it became known that I will have to replace the roof to the tune of $68000! First question: how do I figure the FMV of the house or specifically the roof immediately prior to the hurricane? Second question: I expect actual insurance settlement of $53,000 plus my actual attorney fees which, of course, the attorney will keep.  Do I deduct the FMV (which would be necessarily the depreciated cost) less the cost of replacement without benefit of insurance settlement? 

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2 Replies

casualty loss/deduction

@RID0710 is this your primary residence or a home you rent out? 

RID0710
New Member

casualty loss/deduction

this is  a 2nd home which is not currently or has been rented out. thanks. 

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