can I deduct lost business income from a declared natural disaster? I live in western NC. We didn't sustain damage but we were a declared county and lost rental income.

c_weingartner · ‎February 24, 2025

Hurricane Helene shut down western Carolina. We were unable to host air bnb guests during our busiest time of the year due to the disaster. I have read through the rules but don't see a section for lost income. I appreciate advice from the community. Thanks

MinhT1 · ‎February 24, 2025

No.

You cannot deduct lost income. The reason is that you never declared that lost income to be taxed in the first place.

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can I deduct lost business income from a declared natural disaster? I live in western NC. We didn't sustain damage but we were a declared county and lost rental income.