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How can I use a timber cruise to estimate a timber casualty loss?

April 26, 2017casualty cruise estimate loss Timber

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How can I use a timber cruise to estimate a timber casualty loss?

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The deductible loss from a casualty is the lesser of the fair market value of the lost timber and one’s basis in the timber. Casualty losses can be claimed on IRS Form 4684, which is available in IRS Publication 2194, the Disaster Losses Kit.