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Updated over 7 years ago,

User Stats

122
Posts
50
Votes
Michael Bertsch
  • Bossier City, LA
50
Votes |
122
Posts

Casualty loss on rental property

Michael Bertsch
  • Bossier City, LA
Posted
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?

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