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We had a fire in our house about 50 000 dollars no house…

Customer Question
We had a fire...

We had a fire in our house about 50 000 dollars no house insurance. what can we claim for tax deducations

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

We had no house insurance at the time of our house fire which amounted to about 50,000 in damage can we file a claim on out federal tax?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

We had to pay for the damage out of our retirement funds to restore the fire damage

Submitted: 3 months ago.Category: Tax
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Answered in 13 minutes by:
4/1/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

Yes, you can claim this as a deduction. It is known as a casualty loss and it is deducted on Form 6584, which transfers to Schedule A on Form 1040.

The IRS has an awesome quick reference for these deductions here:

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

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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