Quote Originally Posted by JenMO View Post
Client lost whole house and contents in house fire. They had insurance and it paid a total loss, $154,000. They rebuilt in the same place and close to the same size house, but it cost $188,000. This includes contents, too. Is this a casualty loss? deductible on Sch A? Not sure how to handle.
See TTB starting on page 4-20 (which includes summary chart) as it may apply to your scenario.