Looking for help with a claim from Hurricane Irma
Client replaced damaged structure in 2007 for $46K . Insurance reimbursed entire amount. Structure was destroyed again in Hurricane Irma. Cost to replace is $41K. No insurance reimbursement this time.
When I fill out the form it looks like there is no loss since the insurance reimbursement covered the first disaster. Is that correct? Is there any tax benefit from replacing the structure the second time where there was no insurance reimbursement?
Thanks for the help.
Solved! Go to Solution.
Thanks. I think I was just overthinking this and making it harder than I needed to. Trying to include both losses when I should not have.
I really Appreciate your help.
Very glad you reached out.
Have a great tax season.