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Deductions & credits
Sorry, but you can't.
A casualty loss deduction is limited to property losses, specifically the decline in value of the property due to the casualty. Ancillary costs are not deductible. Non-deductible ancillary costs would include items such as -
- temporary lodging,
- generators,
- improvements to prevent future casualties
- clean up costs except to measure the decline in value,
- rental cars after an auto accident, etc.
May 31, 2019
7:50 PM