If we did not have out of pocket costs for repairs but chose to sell in 2018.Is it a casualty loss for tax return for 2017?
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Yes, it's a casualty loss for 2017, the year of the event. The fact that you did not have an accurate measurement of your lost, until 2018, or were not "out of pocket",does not preclude you from claiming the loss on your 2017 return.
Yes, it's a casualty loss for 2017, the year of the event. The fact that you did not have an accurate measurement of your lost, until 2018, or were not "out of pocket",does not preclude you from claiming the loss on your 2017 return.
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