Tree damage

[bamafan4]

I have 150 acres of forest land that sustained extensive tree damage and loss due to Hurricane Idalia.  The trees were natural growth and came with the property when I bought it.  The property is in a federally declared disaster area. I am not in the timber business. The downed trees are preventing me from maintaining the property and interfering with my use of the property. How can I place a value on the downed/damaged trees? The overall value of the property was not affected significantly as only a small fraction of the trees suffered damage, but those that were lost do have a value. Would the cost of cleanup to restore the property to its before the storm condition be the basis for casualty loss claim? 

[AmyC]

1. Your value of the trees can be any reasonable method.

2. The cost to restore the property value is a reasonable method. So, yes, that would be a good basis for your claim.

See Topic No. 515 Casualty, Disaster, and Theft Losses - Internal Revenue Service for full details. Which includes

If your property is personal-use property or isn't completely destroyed, the amount of your casualty loss is the lesser of:

• The adjusted basis of your property, or
• The decrease in fair market value of your property as a result of the casualty