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So if you have a total loss of your home worth 250,000from a federal declared flood zone, with no insurance, would you take the full amount on Schedule a?

posted

In general, if it was personal use property, your casualty loss is the lesser of the adjusted basis of your property or the decrease in fair market value of the property as a result of the casualty.

For more information, see About Casualty Deduction for Federal Income Tax - TurboTax.

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