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Sch E (rental) net casualty loss

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    Sch E (rental) net casualty loss

    I have a client that had a casualty loss on the rental and most of the loss was covered by insurance but still net loss to landlord. Assuming the landlord did NOT replace and/or repair the damages from the casualty loss and pocket the insurance money, how is this net loss to be treated?

    Joe

    #2
    Isn't

    the loss calculated Difference between base value of house prior to damage and base FMV of house after damage less insurance reimbursement less $100 = net loss. See TTB 4-21 for more info.

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