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Can I deduct expenses to fix basement from water damage

it was not a flood just lot of rain. whole basement was flooded took 2 days to get all water out and week to dry. cost abolut 7k
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2 Replies

Can I deduct expenses to fix basement from water damage

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Tiki
New Member

Can I deduct expenses to fix basement from water damage

If the damage was done to your personal home, you may be able to deduct the $7K under casualty loss. A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration.

https://www.irs.gov/taxtopics/tc515.html

Please see the TurboTax FAQ below for more information and instructions for entering the information in the software.

https://ttlc.intuit.com/replies/3301959

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