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auntdebs8
New Member

How do I deduct? 1ft of snow damaged my porch & it fell, then a domino affect caused my water pipes to break and more. Insurance did not cover the damage weather caused.

 
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2 Replies

How do I deduct? 1ft of snow damaged my porch & it fell, then a domino affect caused my water pipes to break and more. Insurance did not cover the damage weather caused.

Sorry.  Losses to property caused by casualty incidents are not tax deductible, unless the loss occurred due to a federally declared disaster.

 

(If this was a severe storm that was designated a federal disaster, there are additional rules we need to discuss.)

HelenC12
Expert Alumni

How do I deduct? 1ft of snow damaged my porch & it fell, then a domino affect caused my water pipes to break and more. Insurance did not cover the damage weather caused.

The deduction for personal casualty or theft losses has been repealed in tax years 2018–2025, unless the loss occurred in a federally-declared disaster area.

  •  Previously, uninsured losses exceeding $100 due to fire, theft, or natural disaster could be deducted if the total loss amount exceeded 10% of the AGI, regardless of location.

If your casualty was a direct result of a natural disaster, and you live in a federally declared disaster area, you may be able to take a tax deduction for the value of the property that's not covered by your insurance.

Note: If you're not able to claim your casualty loss, keep the records so when you sell, you'll be able to offset a portion or all of the gain (if any) on the sale of your personal residence. 

 

Related information: IRS Topic 515 - Casualty, Disaster and Theft Losses (Including Federally Declared Disaster Areas) 

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