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After a fire- what can be deducted on taxes?
Had a kitchen fire that also smoked house badly ,
At that time decided to do some updating- bring wiring up to code and also the plumbing.
Kitchen cabinets / counter tops/ flooring /appliances replaced - except for refrigerator
kitchen part covered by insurance but she upgraded some and had large out of pocket expenses,
Also decided to re-do two bathrooms.
Yes, there was insurance -thank heavens !
The appliances are the new energy saver type- is there a tax credit for that she is eligible for ?
So what of her out of pocket expense`s will she be able to deduct off her taxes ?
btw 78 yr old widow
thank you
The cost of repairs, minus the amount of money received from the insurance company.
As an example, if it cost you $5,000.00 to complete the repairs, and you received $4,500.00 from the insurer, you can only deduct $500.00 as a casualty loss.
Perhaps the following might prove useful:
Calculating the Casualty Loss Deduction
Casualty and theft losses are limited by an $100 threshold per loss event and an overall threshold of 10% of your adjusted gross income. To phrase this another way, your casualty loss is deductible to the extent that it exceeds $100 per loss event, and to the extent that it exceeds 10% of your AGI. For example, John suffered two losses last year: his uninsured laptop computer was stolen, and later an earthquake caused damage to his home. Each event is subject to a separate $100 limitation. Let's say his stolen laptop was worth $1,500, then applying the $100 limitation, we have a loss of $1,400. Similarly for the damage to his home. Now, John's total casualty and theft losses, when added up, are reduced by 10% of his adjusted gross income. Let's say the damage to his home reduced his property value by $10,000, and John has an adjusted gross income of $30,000. The calculations would go like this:
Event 1 Stolen computer ($1,500 - $100) = $1,400
Event 2 Damaged house ($10,000 - $100) = $9,900
Total Losses ($1,400 + $9,900) = $11,300
10% Threshold ($30,000 AGI x 10%) = $3,000
Deductible Losses ($11,300 - $3,000) = $8,300
Casualty and theft losses are reported and calculated on Form 4684 (PDF) and using Instructions for Form 4684.
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