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

Customer Question
home that i did not...
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: 8 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 8 months ago
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 162
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: 162
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Experience: Partner at Michels & Hanley CPAs, LLP

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