Discussion:Vacation Home Casualty loss from Hurricane Dennis
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Discussion Forum Index --> Tax Questions --> Vacation Home Casualty loss from Hurricane Dennis
Mjcdavis@bellsouth.net (talk|edits) said: | 13 April 2006 |
| I have a client whose vacation home/condo was substantially damaged in Hurricane Dennis. The owner paid $246,000 in 1999 for the property, which was valued at $350,000 prior to the hurricane and $92,000 after the hurricane. He received no insurance (company went bankrupt). I calculate a casualty loss of $258,000 which appears as one line item on the 4797. Does this sound feasible? | |
| 13 April 2006 | |
| 246-92=154. Remember about the limitation as well. FMV is used only if it is lower than your cost basis. | |
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