June 3, 2019 4:46 PM
last updated June 03, 2019 4:46 PM
I bought a house in June and had a robbery in July. I have property damage/loss that needs to be entered and I need help filling in information about the loss such as cost basis. Is this the amount I paid for the house or just the total loss value
I purchase my house 6/8/2016 and had a robbery on 7/29/2016 with property damage. The repairs were mostly covered by my insurance company however not completely. $1,109.86 was the amount not covered by insurance
If your uncovered loss was $1,109.86, then don't even bother trying to claim it as a casualty loss. Why. Simply this, for any casualty loss, once you have determined the gross loss, and let's say that is was $1,109.86, to determine what you can deduct, you must first reduce that amount by $100, leaving $1,009.86, and then you have to further reduce that loss by 10% of your adjusted gross income. So, if your adjusted gross income was more than 10,098.60, then you have 0 loss left to deduct.