Cabin Burned-Casualty Loss?

[zeros]

Have a client whose cabin suffered fire damage in 2010. Didn't claim on 2010 return because all the data was not available. Not real familiar with this type of claim. Can I assume that the FMV before the fire is one figure I need and the FMV after the fire would be the other figure? This might be a little difficult to determine. Is the cost to repair the damages the bottom line figure I need and then subtract the $500 and 10% of AGI and insurance reimbursements? Does anybody have any helpful hints before I attempt to amend the return?

[Mo Sheets]

Any insurance?

My first thought had to do with insurance. Was an insurance claim made? If so, how much money did your client receive? Any insurance settlement will come into play when trying to determine the loss.

[S T]

Some Info

If you "google" form 4684 aand instructions - that would be part of your calculation - there is also Pub 547, Pub 584 for personal property and Pub 584b if it is Biz Prop loss

I found a post which is older (2006), that explains maybe in some more detail that might assist you in arriving a FMV prior and after

Try this link http://www.taxesindepth.com/casualti...deduction.html

Hope this assists you

Sandy

[taxea]

FMV before fire is basis. FMV after fire is original FMV less cost of repair/replacement.
Actual loss is cost of repair/replacement plus insurance deductible, less insurance reimbursement, 10% and 100.