I own a duplex and live on one side and rent out the other. A car crashed into the rentals garage and caused $6000 in damage. Can I write off my loss?
Yes, you can deduct the cost of repairing the damage as long as the repairs did not constitute a material improvement to the property (e.g. replaced a one-car garage with a two-car garage, added storage cabinets, etc.). "Repairs" are deductible rental expenses.
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