My rental property was severely damaged in a hurricane, how do I calculate the casualty loss deduction if insurance only covered half the damage?

Question

Kohari Gonzalez Oneyear & Brown · Accepted Answer

A casualty loss on a rental property after hurricane damage often depends on how the loss is measured, how much insurance reimbursement was received, and whether the property was used for income-producing purposes. The starting point is usually the lesser of the property’s adjusted basis or the decl For an answer applied to your exact numbers, bring this question to a licensed KGOB CPA in a focused session and leave with a clear next step.