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Deductions & credits
If you live in a federally declared disaster area, you can claim a casualty loss on household items without itemizing your deductions to the extent the loss is over $500. Food would qualify as a household item, however your deduction is based on the fair market value of your food, not what you paid for it. Since food you purchased would not normally have a high re-sale value and it would be difficult to document it's fair market value, if you did take a deduction it may not sustain an audit.
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‎January 21, 2025
4:36 PM
1,774 Views