topic https://ttlc.intuit.com/replies/6554716 in Deductions & credits

Can I claim the non-recoverable depreciation loss portion on my taxes after Hurricane Harvey?

chriscraft1968 — Wed, 05 Jun 2019 00:22:40 GMT

https://ttlc.intuit.com/replies/6554716

JessicaV — Wed, 05 Jun 2019 00:22:41 GMT

https://ttlc.intuit.com/replies/6554716

No, this answer has nothing to do with non-recoverable de...

chriscraft1968 — Wed, 05 Jun 2019 00:22:43 GMT

No, this answer has nothing to do with non-recoverable depreciation loss. Non-recoverable depreciation loss on property from a hurricane is the portion of loss that the insurance company will not pay you for even if all repairs are done according to the detailed Loss Claim Summary. It is considered a LOSS of value due to the hurricane event.

According to the IRS Publication 547, under "Casualty", l...

JessicaV — Wed, 05 Jun 2019 00:22:44 GMT

According to the IRS Publication 547, under "Casualty", losses are deductible
during the taxable year that the loss occurred. You will find that page 14 and 15 is most helpful as it has information directly referring to Hurricane Harvey.

You can find more information here:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p547.pdf">https://www.irs.gov/pub/irs-pdf/p547.pdf</a>