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May 7, 2023
Question

Disaster Deduction

  • May 7, 2023
  • 1 reply
  • 0 views

House was flooded (Federal declared disaster).  Had to go rent elsewhere for 6 mos.  HOI and flood insurance didn't cover "loss of use".  Are rental payments deductible?

1 reply

Employee
May 7, 2023

Rental payments are not deductible on the federal return but some states have a rental credit. 

dataportAuthor
May 7, 2023

So it's not considered a 'loss' directly related to the disaster?

Employee
May 7, 2023

A loss is a loss of property you own.