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kmm
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Suffered much tree damage in Hurricane Helene. Was a nice lot with privacy and now a mess. How do I claim a tree much less the cost to cleanup this mess?

Insurance only paid $1000 towards cleanup but much more cost than I can afford where I'll do what I can and hire out the more dangerous situations. But privacy is no more where I'll have to replant and wait years to get back to original setting. Have no idea how to claim this....
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Suffered much tree damage in Hurricane Helene. Was a nice lot with privacy and now a mess. How do I claim a tree much less the cost to cleanup this mess?

Review this help topic, and the IRS forms and instructions that are linked on the help topic.

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

 

Basically, you can deduct a casualty loss that is the loss of fair market value to your property.  That would normally need to be determined by an appraisal that takes account of the trees and other landscaping before and after the hurricane.  You can also include certain cleanup costs in your loss.  Then, whether you get any actual tax benefits depends on the 10% rule and whether or not you already itemize your other tax deductions. 

 

If you do take a loss, that reduces your cost basis in the property and will result in a larger capital gain when you sell.  For example, suppose your property cost $200,000.  Your deductible loss, after figuring the rules and limitations, is $20,000.  That means that your adjusted cost basis is now $180,000, and that figure will be used to calculate any taxable capital gains when you sell. 

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