mstsax
Level 3
Our single family rental house suffered major smoke damage from the fire that destroyed 1000 homes.  The house could not be rented for 4 mo.  The smoke mitigation and interior repairs cost $60,000.  Insurance paid $48,000.   How do I report?
0 Cheers
taxes96786
Level 9

Topic No. 515 Casualty, Disaster, and Theft Losses - IRS

0 Cheers