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Casualty losses are tax deductible? That seems like it would be hard to verify if you got audited.
by MetalGuru 8y ago
Casualty losses are tax deductible? That seems like it would be hard to verify if you got audited.
- Bedon292 8y agoYes, hurricanes are a big one as well. However this is un-reimbursed losses only. So if you have a large deductible, or you insurance subtracts depreciation from your payment. Then you can take a loss on just that part. But yes, need receipts and all that stuff to prove the loss. 100k house, 30k in damage, 20k insurance check. You can take 10k in losses. *Also note, I am not a CPA, consult one. This is my current understand trying to deal with a town house I own in NC that was damaged this year.