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crys123
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My basement flooded this year and it cost $2000 to clean it up, my insurance only covered $1000 of the $2000 can I claim the other $1000 as a loss on my taxes?

 
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My basement flooded this year and it cost $2000 to clean it up, my insurance only covered $1000 of the $2000 can I claim the other $1000 as a loss on my taxes?

You can claim the $1000 not paid by insurance less $100 as a casualty loss. A casualty loss is an itemize deduction. However, the only amount of casualty loss that can actually be deducted is the amount that exceeds 10% of your AGI. That amount is added to your other itemized deductions and if the total is more than the standard deduction, you may get a tax benefit.

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My basement flooded this year and it cost $2000 to clean it up, my insurance only covered $1000 of the $2000 can I claim the other $1000 as a loss on my taxes?

You can claim the $1000 not paid by insurance less $100 as a casualty loss. A casualty loss is an itemize deduction. However, the only amount of casualty loss that can actually be deducted is the amount that exceeds 10% of your AGI. That amount is added to your other itemized deductions and if the total is more than the standard deduction, you may get a tax benefit.

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