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brwniis54
New Member

Repairs from water damage

In 2016 we had water damage inside of the house which resulted in the reconstruction of a mud room including the roof and floor.   Insurance declined the homeowners claim. Can the cost of the repair be deducted?
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Accepted Solutions
KenH1
New Member

Repairs from water damage

You can claim a Casualty and Theft Loss, which will flow to your Schedule A as a deduction.  The deduction is limited to an amount that exceeds 10% of your AGI, plus $100.  See below:

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

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2 Replies
KenH1
New Member

Repairs from water damage

You can claim a Casualty and Theft Loss, which will flow to your Schedule A as a deduction.  The deduction is limited to an amount that exceeds 10% of your AGI, plus $100.  See below:

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

KenH1
New Member

Repairs from water damage

For example, if your income was $50,000 and your casualty loss was $8000, $5000 is excluded (10%), so you can deduct $3000.  Or $2900 when you take out the $100
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