I live in SW Florida. Hurricane Ian caused $6900 worth of damage to my house. My deductible is greater than that amount so I get no reimbursement. Is this casualty loss entered on my deductibles schedule? Since I don't have enough deductibles to match the Standard Deduction, does that mean the casualty loss doesn't help me?
I also own a rental property in the same area. I already have an assessment of $12,500 for repairs with more to come. Can I use this as an expense offsetting rental income? If I make more than $125,000, I cannot deduct any loss against my income. Do I lose that casualty loss as well?
