Discussion:Farmer's Casualty loss

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Discussion Forum Index --> Tax Questions --> Farmer's Casualty loss


Link1time (talk|edits) said:

10 January 2007
Hi

I have a farmer that had several barns destroyed in a storm in 2006. Do I need to file a Form 4684? For example, he had a barn totally destroyed. His original cost was $45,955. less depreciation gained of $4231.leaving an adjusted basis of $41724.00. He received $29,300.00 in insurance and has rebuilt the barn at a cost of $30,400. The original cost of the barn included excavation for the original pad where barn was constructed.

I'm not sure how and what I should do with this.

Dennis (talk|edits) said:

10 January 2007
Sec. 1033

Deback (talk|edits) said:

January 10, 2007
Without spending much time on this, you should fill out Form 4684, Section B, and enter the amounts to see if the form needs to be filed. You'll need to know the FMV of the barns before and after the storm.

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