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February 24, 2025
Question

can I deduct lost business income from a declared natural disaster? I live in western NC. We didn't sustain damage but we were a declared county and lost rental income.

  • February 24, 2025
  • 1 reply
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Hurricane Helene shut down western Carolina. We were unable to host air bnb guests during our busiest time of the year due to the disaster. I have read through the rules but don't see a section for lost income. I appreciate advice from the community. Thanks

    1 reply

    February 24, 2025

    No.

     

    You cannot deduct lost income. The reason is that you never declared that lost income to be taxed in the first place.

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