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J
jeff-crump
January 19, 2025
Question

Was the $7806 deductible I paid to replace my pool equipment that was demolished during a tornado tax deductible?

  • January 19, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    K
    KeshaH
    January 19, 2025

    It depends. 

     

    For tax years 2018–2025, you can only deduct casualty losses on personal property if they are the result of a federally declared disaster area. Only the amount that exceeds 10% of your adjusted gross income is deductible.

     

    You can still deduct casualty losses on business property.

     

    For reference, see:

    - Publication 547

    - Casualty loss deduction limits

    - What if I have property that was lost or damaged?

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