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I had flooding in my home on 9/3/2018 that has caused me to…

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I had flooding in...

I had flooding in my home on 9/3/2018 that has caused me to be out of my home for 1 1/2 years. Can I claim a loss on property lost?

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

I am currently renting an apartment and have been trying to come to a settlement with the insurance company to settle my claim. My loss in property is over $27,000. Also while the cleaning company was drying out my home, the broke up some tiles in the lower family room level that was proven to have asbestos in them and now I'm having trouble getting the insurance company to settle my claim. I have been renting an apartment for over 1 1/2 years due to not being able to get back in my home.

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

I have reports from a certified specialist that states there is asbestos in my home and am not sure how to handle or if I can handle this on my taxes

Submitted: 28 days ago.Category: Tax
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3/27/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 28 days ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. Was the loss from a hurricane?

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 28 days ago

You can claim it if you itemize - on Schedule A.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 28 days ago

Let me know if this helps and if you have any questions. Thank you.

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ABC Accounting Group
ABC Accounting Group
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Category: Tax
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