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Level 1

Question

Water damage

Forum|Forum|2 years ago
April 13, 2024
2 replies
28 views

Is water damage from a faulty water meter that insurance has not fully covered a tax deductible

Level 15

Sorry--no. Casualty losses or damages that are not the result of being in a federally declared disaster area are not deductible.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Alumni - Champ

Not if this was your personal home rather than a business or rental property. Casualty losses to your home are deductible only if the loss was due to a federally declared disaster.

https://www.irs.gov/taxtopics/tc515

**Answers are correct to the best of my ability but do not constitute tax or legal advice.