I had a flood in my basement in NJ and I had to get a new furnace, new hot water heater, and new dryer. I've been searching and it looks like there are no deductibles or credits for any of these things, but I wanted to ask the forum. Can I somehow declare the $1000 insurance deductible a loss, or claim this loss any other way for a deduction or credit? At the moment it's looking like I'm about $12,000 short of having to itemize my deductions. LOL Right now it looks like I'm taking the standard deduction. Is there any possible tax benefit for this loss on the NJ state return? I'm thinking no, but I wanted to ask! Thank you!
