How exactly do I handle flood damage/restoration on my 2019 taxes? A water pipe broke and gushed in the middle of the night, causing an estimated $111,000.00 in damage to my home, with every room affected including my two office rooms, waiting room, and storage room business area that constitute 40% of my home. After the $1,000 deductible, my homeowners insurance still only covered $65,000.00 of the damage, and the rest I paid myself.
My business also lost $6,029.48 in damaged property in the flood, of which insurance covered $4,910.16.
I'm not sure how to handle any of this on my taxes.
