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Last March all my water pipes burst My laundry and kitchen…

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Last March all my water...
Last March all my water pipes burst My laundry and kitchen were ruined floors walls etc. I had ServPro and insurance paid some. They did not pay for pipes. The copper pipes were taken by a service as soon as they were removed. I had to install all new pipes. Can I deduct the new pipes I had to install. It happened suddenly and without warning after a cold spell
Submitted: 4 months ago.Category: Tax
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3/11/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,643
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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

You may deduct casualty loss relating to your home and household items on your Federal tax return.

You will use Schedule A of the 1040, which I have included a link below.

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

continued..

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

The IRS discuses this in Topic Number 515 - Casualty, Disaster, and Theft 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."

You must reduce the loss, whether it's a casualty or theft loss, by any salvage value and by any insurance or other reimbursement you receive or expect to receive.

Casualty losses are deductible in the year you sustain the loss, which is generally in the year the casualty occurred. "

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

https://www.irs.gov/taxtopics/tc515

Please let me know if this has answered your question or if you have any additional questions.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 4 months ago

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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