How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Brian Michels Your Own Question
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 162
Experience:  Partner at Michels & Hanley CPAs, LLP
Type Your Tax Question Here...
Brian Michels is online now
A new question is answered every 9 seconds

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

Customer Question

Can i deduct loss for damage done to interior flood in my home that i did not report to insurance
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: my plumbing leaked into 4 rooms into my home because it had rotted out and i had to replumb entire house
JA: Is there anything else important you think the Accountant should know?
Customer: i had repairs made and did not call insurance
Submitted: 6 months ago.
Category: Tax
Expert:  Brian Michels replied 6 months ago.
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.