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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
Sink hole covered most of back yard, under patio and deck.
Was less than two feet from foundation. Hole was from 8 to 10 feet deep, 80 feet long and 26 feet wide.
Not covered by homeowners policy with USAA.
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
The question appears to be does this qualify as a Casualty loss. Given the circumstances, that may be subject to opinion. I say it meets the "sudden, unexpected, or unusual" criteria. Even if it doesn't, it probably qualifies as fraud on the part of the contractor. I would claim a casualty loss on my return.
You can only deduct your losses that exceed 10% of your AGI+$100. In addition, it is an itemized deduction. If you usually take the standard deduction, you'll have to now find additional itemized deductions to exceed the standard deduction.
In TurboTax, enter at:
Federal Taxes Tab (Personal for H&B version)
Deductions & Credits
-I’ll choose what I work on button
-Scroll down to:
--Other deductions & Credits
---Casualty & theft
Or type- casualty loss -in the search box
For more info, see:
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
The question appears to be does this qualify as a Casualty loss. Given the circumstances, that may be subject to opinion. I say it meets the "sudden, unexpected, or unusual" criteria. Even if it doesn't, it probably qualifies as fraud on the part of the contractor. I would claim a casualty loss on my return.
You can only deduct your losses that exceed 10% of your AGI+$100. In addition, it is an itemized deduction. If you usually take the standard deduction, you'll have to now find additional itemized deductions to exceed the standard deduction.
In TurboTax, enter at:
Federal Taxes Tab (Personal for H&B version)
Deductions & Credits
-I’ll choose what I work on button
-Scroll down to:
--Other deductions & Credits
---Casualty & theft
Or type- casualty loss -in the search box
For more info, see:
- Mark as New
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
Here's the IRS wording:
Casualty Losses - A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty doesn't include normal wear and tear or progressive deterioration. https://www.irs.gov/taxtopics/tc515.html
Hard to imagine that a sinkhole wouldn't qualify..
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
Unfortunately, repairs to your own residence are not tax deductible.
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Had a sink hole repaired from material buried 30+ years ago by builder. Impacted the deck, patio and foundation of house. cost 29,500.
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