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Sign into your accountHow Real Estate Consumers Can Deduct Losses after a Disaster
November 21 2017
Editor's note: Between hurricanes and wildfires, 2017 was rife with property-damaging natural disasters. The article below offers helpful information that you can share with clients on how to deduct losses after a natural disaster strikes.
Unfortunately, disasters happen. We've seen how devastating these can be. One slightly bright spot is you may deduct losses at tax time. Here's how to deduct losses after a disaster.
Deduct Losses After a Disaster
If a fire, earthquake, storm, floods, terrorism, or similar disaster damages your property, you may have undergone a casualty loss. You may deduct that on your tax return as an itemized deduction.
Casualty losses are damage to property caused by a disaster. The casualty loss must involve some external force. You get no deduction if you simply lose or misplace property. Nor do you get one if something wears down over time.
You get no deduction if insurance fully covers the loss.