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crbrasseaux
New Member

My house flooded last year, do I claim my building materials, such as insulation, ac, or natural gas furnace? most of which not covered by insurance.

 
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bwa
Alumni
Alumni

My house flooded last year, do I claim my building materials, such as insulation, ac, or natural gas furnace? most of which not covered by insurance.

You can claim whatever was lost or damaged.

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.

Casualty losses are under the deductions and credits tab under the very last item ("Other Deductions and Credits.")


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1 Reply
bwa
Alumni
Alumni

My house flooded last year, do I claim my building materials, such as insulation, ac, or natural gas furnace? most of which not covered by insurance.

You can claim whatever was lost or damaged.

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.

Casualty losses are under the deductions and credits tab under the very last item ("Other Deductions and Credits.")


View solution in original post

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