I had a basement oil leak, not covered by insurance, costing over $5000. to clean up. Is this deductible?

[Coleen3 · Accepted solution]

Unfortunately, no. As of 2018, unless it is a Federally Declared Disaster area, casualty is no longer deductible. Had it been, it would still need to meet the qualifications below.

Casualty

A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.

• A sudden event is one that is swift, not gradual or progressive.
• An unexpected event is one that is ordinarily unanticipated and unintended.
• An unusual event is one that isn't a day-to-day occurrence and that isn't typical of the activity in which you were engaged.