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.
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