Are the costs of a natural disaster deductible?
By Colin Frangos, Friday, February 22, 2008.Damage, destruction or loss of property from fires, floods, earthquakes and other disasters are deductible from both state and federal income taxes. In such a case, the IRS only allows a deduction less than or equal to the fair-market value of the property before the disaster.
Losses on the sale of your own home are not deductible, through they are deductible for rental properties.
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