If my home, that includes my home office, suffered casualty losses from a Federally Declared Disaster Hurricane, am I able to claim the repairs under Home office deduction? I have already completed form 4684 to show the FMV immediately before and after the loss and the insurance reimbursement. Is that double dipping? There is so much to read on the subject that it is all overwhelming.
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You wouldn't be able to take the deduction twice, so you would have to either treat it as a casualty loss or deduct the repairs as a business expense.
@ThomasM125 so if I count it just as repairs instead of casualty loss, would I only claim the amount not reimbursed by insurance, or could I claim the whole repair cost?
You can only deduct the cost of repairs that are not covered by insurance.
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