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jjoates
New Member

Water damage

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

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3 weeks ago
last updated ‎April 13, 2024 7:32 AM
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2 Replies
xmasbaby0
Level 15
Level 15

Water damage

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.**
3 weeks ago
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TomD8
Level 15
Level 15

Water damage

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.
3 weeks ago
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