Hurrican Ike Casualty Loss Question
I have a question on how to claim a deduction for casualty losses due to Hurricane Ike. The damage to my home was $5104.12 and after our insurance deductible we received $3158.12. What part of this, if any, can I deduct on my 2008 tax return? Also, how do I find the cash basis or the fair market value of my home?
I appreciate any help on this matter, as I am very confused about IRS form 4684! Thank you in advance!