It would be a
casualty loss which may or may not be a tax benefit.
A personal
casualty loss (including a theft) is deductible if you itemize deductions. The
measure of a casualty loss is the fair market value before the casualty, less
the fair market value after, less any insurance proceeds. The decrease in
market value can be estimated by repair costs that restore the property to its
prior condition.Ancillary costs such as legal fees or emergency repairs unfortunately aren't deductible. Actual repairs if they restore the roof to the pre-storm condition can be used to determine the amount of the decline in value.
If deductible,
the loss must first be reduced by $100, and any remainder is deductible to the
extent it exceeds 10% of your adjusted gross income. As examples, if your loss
is -
- 500, you have no deductible loss
if your adjusted gross income is over $4,000
- 1,000, you have no deductible
loss if your adjusted gross income is over $9,000
Tax topic 515 has more information and links
regarding casualty losses.
Casualty
losses are under the deductions and credits tab under the very last item
("Other Deductions and Credits.")
