Solved: I have a total barn loss, asking for cost basis, but it came on the property with house and multiple buildings. Can I use the appraisal for cost basis. States replacement cost is $60,000, less depreciation . This makes it worth 27,768.00 Insurance paid $
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I have a total barn loss, asking for cost basis, but it came on the property with house and multiple buildings. Can I use the appraisal for cost basis. States replacement cost is $60,000, less depreciation . This makes it worth 27,768.00 Insurance paid $

This is a 40ft by 50ft storage barn that was taken down by straight line wind storm. Thanks- Vickie
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Level 15

I have a total barn loss, asking for cost basis, but it came on the property with house and multiple buildings. Can I use the appraisal for cost basis. States replacement cost is $60,000, less depreciation . This makes it worth 27,768.00 Insurance paid $

For cost basis, you use your best estimate of the portion of your original purchase price of the property that should be allocated to the barn.

View solution in original post

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Level 15

I have a total barn loss, asking for cost basis, but it came on the property with house and multiple buildings. Can I use the appraisal for cost basis. States replacement cost is $60,000, less depreciation . This makes it worth 27,768.00 Insurance paid $

For cost basis, you use your best estimate of the portion of your original purchase price of the property that should be allocated to the barn.

View solution in original post

New Member

I have a total barn loss, asking for cost basis, but it came on the property with house and multiple buildings. Can I use the appraisal for cost basis. States replacement cost is $60,000, less depreciation . This makes it worth 27,768.00 Insurance paid $

Thank you Hal
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