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grovercl
New Member

We had a casualty loss in our basement (drywall, etc.) due to a faulty sump pump in 2013 and just made the repairs in 2016. Can these expenses be deducted?

 
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Hal_Al
Level 15

We had a casualty loss in our basement (drywall, etc.) due to a faulty sump pump in 2013 and just made the repairs in 2016. Can these expenses be deducted?

You need to file an amended return for 2013. You have until April 15, 2017 to do that. 

From IRS pub 547: "Generally, you can deduct a casualty loss that isn't reimbursable only in the tax year in which the casualty occurred. This is true even if you don't repair or replace the damaged property until a later year......If you aren't sure whether part of your casualty or theft loss will be reimbursed, don't deduct that part until the tax year when you become reasonably certain that it won't be reimbursed" 

https://www.irs.gov/publications/p547/ar02.html#en_US_2016_publink1000225399

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2 Replies
Hal_Al
Level 15

We had a casualty loss in our basement (drywall, etc.) due to a faulty sump pump in 2013 and just made the repairs in 2016. Can these expenses be deducted?

You need to file an amended return for 2013. You have until April 15, 2017 to do that. 

From IRS pub 547: "Generally, you can deduct a casualty loss that isn't reimbursable only in the tax year in which the casualty occurred. This is true even if you don't repair or replace the damaged property until a later year......If you aren't sure whether part of your casualty or theft loss will be reimbursed, don't deduct that part until the tax year when you become reasonably certain that it won't be reimbursed" 

https://www.irs.gov/publications/p547/ar02.html#en_US_2016_publink1000225399

Zbucklyo
Level 9

We had a casualty loss in our basement (drywall, etc.) due to a faulty sump pump in 2013 and just made the repairs in 2016. Can these expenses be deducted?

Before you amend your 2013 return, keep in mind that the first $100 of a casualty loss is not deductible, then only the remainder that is in excess of 10% of your adjusted gross income is deductible.  Furthermore, if the total of all your itemized deductions is less than the standard deduction for your filing status, there is no tax benefit from the deduction.

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