Casualty Income Tax Deduction

Casualty Income Tax Deduction

Casualty Income Tax Deduction

We had the foundation sink on our house. The concrete slab sank 4-1/2 inches which left moisture in the house.


Our house was filled with mold and had to put 45,000.00 in the house for repairs to make it safe to live in.

Is there any way we could recoup any of that money back through our income tax?

Any help you could give me would be greatly appreciated.

Thank you for your help,

Beth

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Jun 05, 2018
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starstarstarstarstar 		Casualty and Theft Tax Deduction
by: Stephanie

Thank you for your question about recouping money back through income taxes for a home casualty.

You can possibly take a Casualty and Theft Loss on your income return in order to recoup some of the money.

You would need to take several things into consideration in order to determine if you can get a tax deduction such as the market value immediately before the casualty, less the market value immediately after less and insurance proceeds you may have received.

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