Cliff - Yes. you have a casualty loss to the extent that there was no insurance. Any insurance recovery would reduce the loss.
The loss is deductible on Schedule "A" - there I a section for Casualty losses, AFTER the actual loss is calculated on form 4684.
Here are the basics Take the total loss after ins reimbursement. Reduce that amount by $100. Then reduce it by 10% of your Adjusted Gross Income (bottom line on the front of form 1040). The remainder is the amount you can deduct on Schedule A
I'm honestly not sure I understand your question. Does your municipal assessor know that there is no longer a house on your property? Your assessment would be lower and your real estate taxes less if there is no house on the lot.
a deduction ?ask your local income tax agency.
if in USA, the loss may be.
visit IRS.gov and local librarys for real info.
On Feb 5,2013, my house that I built myself burned to the ground through no fault of my own. Is this a tax deduction???
