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M
ma20003
March 16, 2025
Question

Casualty lost deduction & Energy credit

  • March 16, 2025
  • 1 reply
  • 0 views

Can a taxpayer that had to replace an AC unit due to a FEMA declared disaster take both a casualty deduction and an energy credit ?

1 reply

D
DavidD66
March 16, 2025

Not for the same expenditure.  If your AC unit cost $5,000 and you take a $1,500 tax credit you could only deduct your net cost of $3,500 as a casualty deduction. 

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