Your yacht is a casualty loss as opposed to a capital loss for tax purposes. You may be entitled to a deduction for your personal casualty using itemized deductions.
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.
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