Trusted Tax & Advisory Partners in Northern California

You’ll need:

• The type of casualty and date it occurred
• Proof that you owned the property (or were contractually liable for damage as a lessee)
• Documentation that a claim for reimbursement exists where there’s reasonable expectation of recovery
• Evidence to support the loss amount (photos, appraisals, receipts, insurance documents)

Start with what you can recover:

• Contact financial institutions for duplicate statements
• Request W-2 copies from employers (or the IRS using Form 4506-T)
• Obtain property records from the county assessor
• Request prior year returns from the IRS

Insurance inventories and photos from before the loss are invaluable. We’ve helped many Sonoma County clients through this process.

Create a room-by-room inventory listing items, their original cost, and estimated value at time of loss. Photos, videos, and receipts help substantiate values.

Check if your homeowner’s insurance company has your prior inventory. For valuable items, appraisals or purchase receipts are important.

Start with your closing statement and any records of improvements made over the years. The county assessor’s office can provide historical property records if yours were lost.

You’ll need to establish your adjusted basis and the fair market value both before and after the loss. A qualified appraisal is usually the cleanest way to document the decline in value.