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Can I deduct loss due to plumbing leaks that my insurance company did not cover under my policy. My loss is in excess of $10,000

 
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Can I deduct loss due to plumbing leaks that my insurance company did not cover under my policy. My loss is in excess of $10,000

Unfortunately, no.

The deduction for personal casualty or theft losses has been repealed in tax years 2018 – 2025, unless the loss occurred in a federally-declared disaster area.

Previously, uninsured losses exceeding $100 due to fire, theft, or natural disaster could be deducted if the total loss amount exceeded 10% of the AGI, regardless of location.


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Highlighted
Level 1

Can I deduct loss due to plumbing leaks that my insurance company did not cover under my policy. My loss is in excess of $10,000

Unfortunately, no.

The deduction for personal casualty or theft losses has been repealed in tax years 2018 – 2025, unless the loss occurred in a federally-declared disaster area.

Previously, uninsured losses exceeding $100 due to fire, theft, or natural disaster could be deducted if the total loss amount exceeded 10% of the AGI, regardless of location.


View solution in original post