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 $
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
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.
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.
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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