How do I value the loss of my business as a result of a hurricane?
Tax Professional Answers
Total loss of business property. If your business property is completely destroyed (becomes totally worthless), your deductible loss is the adjusted basis of the property (cost less depreciation taken), minus any salvage value and any insurance or other reimbursement you receive or expect.
Partial loss of business property. In a partial destruction, the deductible loss is the decrease in fair market value of the property or the adjusted basis of the property, which ever is less. Reduce this amount by any insurance or other reimbursement you receive or expect.
Find yourself an Enrolled Agent in your area that can assist you with the casualty loss reporting. It will be time well spent.
Tax Questions By Topic:
Meet Leading Tax Advisors
Lakeland, Florida, USA
New York, New York, USA
Federal Tax Credits & Incentives Practice Leader
Denver, Colorado, USA
Fullerton, California, USA
Sanford, Florida, USA
Topanga, California, USA
Tyrone , Pennsylvania, USA
Greenville, South Carolina, USA
Rancho Santa Fe, California, USA
CEO/Certified Financial Advisor
Santa Clara, California, USA
Tax Principal - President
Chattanooga, Tennessee, USA
Stellenbosch, South Africa
Exchange Control & Master Tax Practitioner (SA)
Boston, Massachusetts, USA
Tax Partner, International Tax
Toronto Mississauga Oakville Burlington Hamilton, Canada
West Palm Beach, Florida, USA