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It would be a casualty loss which may or may not be a tax benefit.
A personal casualty loss (including a theft) is deductible if you itemize deductions. The measure of a casualty loss is the fair market value before the casualty, less the fair market value after, less any insurance proceeds. The decrease in market value can be estimated by repair costs that restore the property to its prior condition.
If deductible, the loss must first be reduced by $100, and any remainder is deductible to the extent it exceeds 10% of your adjusted gross income. As examples, if your loss is -
Tax topic 515 has more information and links regarding casualty losses.
Casualty losses are under the deductions and credits tab under the very last item ("Other Deductions and Credits.")
It would be a casualty loss which may or may not be a tax benefit.
A personal casualty loss (including a theft) is deductible if you itemize deductions. The measure of a casualty loss is the fair market value before the casualty, less the fair market value after, less any insurance proceeds. The decrease in market value can be estimated by repair costs that restore the property to its prior condition.
If deductible, the loss must first be reduced by $100, and any remainder is deductible to the extent it exceeds 10% of your adjusted gross income. As examples, if your loss is -
Tax topic 515 has more information and links regarding casualty losses.
Casualty losses are under the deductions and credits tab under the very last item ("Other Deductions and Credits.")
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