[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-9089":3},{"rec_id":4,"title":5,"text":6},"9089","What do I enter for itemized casualty losses that also apply to my home office?","Only enter the portion of your home's basis, fair value, and insurance proceeds not related to your business. This will ensure your casualty loss isn't deducted twice. \r\n\u003Cbr>\u003Cbr>\r\n\r\nTo correctly calculate the personal portion of your loss, multiply the requested amounts by the percent of your home you do \u003Cb>not\u003C/b> use for business. \r\n\u003Cbr>\u003Cbr>\r\n\r\nFor example, John uses 20% of his home for business. His personal use percentage equals 80% (100% - 20%). The cost of John's home was $300,000, and he received $100,000 from his insurance. \r\n\u003Cbr>\u003Cbr>\r\n\r\nJohn would enter $240,000 for his cost basis (300,000 * 80%), and $80,000 (100,000 * 80%) for insurance reimbursement received. He'd do the same calculation and enter 80% of the fair market value of his home before and after the casualty or theft.",1777391577937]