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Expenses redulting from a Casulaty loss

We suffered a casualty loss as a result of a flood.  While insurance reimbursed for physical propoerty damage, additional expenses such as temporary storage for personal property during the repair, were not reimbursable.  Can I deduct my storage expenses?
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Accepted Solutions
bwa
Alumni
Alumni

Expenses redulting from a Casulaty loss

A casualty loss deduction is limited to property losses, specifically the decline in value of the property due to the casualty. Ancillary costs are not deductible. Non-deductible ancillary costs would include items such as -

  • temporary lodging,
  • generators,
  • improvements to prevent future casualties
  • clean up costs except to measure the decline in value,
  • rental cars after an auto accident, etc.


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1 Reply
bwa
Alumni
Alumni

Expenses redulting from a Casulaty loss

A casualty loss deduction is limited to property losses, specifically the decline in value of the property due to the casualty. Ancillary costs are not deductible. Non-deductible ancillary costs would include items such as -

  • temporary lodging,
  • generators,
  • improvements to prevent future casualties
  • clean up costs except to measure the decline in value,
  • rental cars after an auto accident, etc.


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