Is water damage from a faulty water meter that insurance has not fully covered a tax deductible
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Sorry--no. Casualty losses or damages that are not the result of being in a federally declared disaster area are not deductible.
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
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