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Can i deduct loss for damage done to interior flood in my…

Customer Question
Can i deduct loss...

Can i deduct loss for damage done to interior flood in my home that i did not report to insurance

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My plumbing leaked into 4 rooms into my home because it had rotted out and i had to replumb entire house

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I had repairs made and did not call insurance

Submitted: 10 months ago.Category: Tax
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Answered in 15 minutes by:
4/17/2017
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 10 months ago
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 181
Experience: Partner at Michels & Hanley CPAs, LLP
Verified
It's considered a casualty loss. There are various limitations to taking a casualty loss. Refer to IRS publication 547. If you want to extend the services I can help you compute this.
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Brian Michels
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 181
181 Satisfied Customers
Experience: Partner at Michels & Hanley CPAs, LLP

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