• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Claiming water damage as a casualty loss

Article

Water leaked through the windows in my finished basement, damaging the wallpaper, wallboard, and carpeting. Since my homeowners policy won't cover this, can I claim it as a casualty loss on my tax return?

Water leaked through the windows in my finished basement, damaging the wallpaper, wallboard, and carpeting. Since my homeowners policy won't cover this, can I claim it as a casualty loss on my tax return?

Only if the damage resulted from a sudden, destructive, or unusual event like a flood or storm. If it took place gradually, you're out of luck. And even if your loss does qualify, you can't deduct the full amount; you must subtract $100 plus 10 percent of your adjusted gross income.

Related Videos
© drsampsondavis.com
© drsampsondavis.com
© drsampsondavis.com
© drsampsondavis.com