Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Casualty loss on rental property
Several months ago we had a bad storm come through and the roof was damaged on my rental property. The total cost was about $4k to replace. My insurance claim covered part of the cost. I paid $2800 out of pocket. So, can I deduct the whole $2800 this year with a casualty loss? If so, does my basis stay the same or does it need to be reduced a certain amount?