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- Residence water damage - loss deduction vs basis reduction
Residence water damage - loss deduction vs basis reduction
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DENNYCARR
Level 3
11-02-2023
11:01 AM
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Basis must be reduced whether you deduct for a casualty loss, correct?
(Presumes loss from federal declaration of emergency or disaster under Stafford)
Then, basis must be increased for repairs (of which the cost was reimbursed by home insurance), correct?
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