I live in a federally declared disaster area, what does that mean for my taxes? Frequently asked questions regarding this topic
When you have items that are lost or damaged as a direct result of a natural disaster, and you live in a federally declared disaster area, you may be able to take a tax deduction for the value of the property that's not covered by your insurance.
The lost or damaged items can be personal property, business property or investment property.
Not eligible for the deduction:
- Property with progressive deterioration such as termite or moth damage.
- Stolen items.
- Accidental losses of personal items, such as a ring dropped down the sink.
- Property loss or damage that’s not the direct result of a natural disaster as described above. (This restriction started in 2018 and applies through 2025.)
How to enter your federally declared natural disaster loss
You have to put the @ symbol in front of someone's name in the thread for them to be notified. @Claude4
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
