In the Adjusted Cost Basis after selling my home, if I had insurance claims in prior years, do I just enter the figures in "Cost of Repairs" and "Insurance Reimbursement"?

In otherwords, do I not need to use the "Deductible losses due to casualty or theft" line since these were several years ago? For example if I had a $3k cost in 2005 and insurance reimbursed $2k, do I put in $3k in "Cost" and $2k in "Insurance Reimbursement" which would add $1k to my Adjusted Cost basis?

472

Expert Alumni

Jun 4, 2019 1:50:52 PM

Yes, that is exactly the way you would enter it. If you received insurance settlements for the repairs you do not include them in your basis, as you didn't pay that amount, the insurance company did.

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In the Adjusted Cost Basis after selling my home, if I had insurance claims in prior years, do I just enter the figures in "Cost of Repairs" and "Insurance Reimbursement"?