Water damage

jjoates · ‎April 13, 2024

Is water damage from a faulty water meter that insurance has not fully covered a tax deductible

xmasbaby0 · ‎April 13, 2024

Sorry--no. Casualty losses or damages that are not the result of being in a federally declared disaster area are not deductible.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

TomD8 · ‎April 13, 2024

Not if this was your personal home rather than a business or rental property. Casualty losses to your home are deductible only if the loss was due to a federally declared disaster.

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

**Answers are correct to the best of my ability but do not constitute tax or legal advice.