If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

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I have a bunch of emails going back and forth with them telling me no only for them to approve it less than a year later.

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Hello everyone, I have no knowledge of real estate but I'm eager to learn this concept from beginner to advanced levels.