Purchased RV in 2004 for $26,200, stored and used 2-3x year, it was destroyed in 2016 from water damage and mold. Insurance did not cover. What is cost basis?

This RV has always been stored until we have it put on a site for vacation. We do not drive it.

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1 Best answer

Alumni

Jun 4, 2019 2:15:32 PM

Casualty Losses - A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty doesn't include normal wear and tear or progressive deterioration.

Was this something that happened overtime that wasn't noticed until it was really bad? or did it happen as the result of a significant event as shown above?

https://www.irs.gov/taxtopics/tc515.html

Alumni

Jun 4, 2019 2:15:32 PM

Was this something that happened overtime that wasn't noticed until it was really bad? or did it happen as the result of a significant event as shown above?

https://www.irs.gov/taxtopics/tc515.html

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Purchased RV in 2004 for $26,200, stored and used 2-3x year, it was destroyed in 2016 from water damage and mold. Insurance did not cover. What is cost basis?