Conservative Political Forum

General Category => Financial => Topic started by: walkstall on September 10, 2017, 10:15:39 AM

Title: Question
Post by: walkstall on September 10, 2017, 10:15:39 AM
For the people that had to bugged out from the Hurricane(s) as they are order out for safety.  Is that cost tax deductible?  Or is that an insurance problem?

I don't know as I have only lived through three good size earthquakes and one volcano eruption.
Title: Re: Question
Post by: supsalemgr on September 10, 2017, 11:15:37 AM
Quote from: walkstall on September 10, 2017, 10:15:39 AM
For the people that had to bugged out from the Hurricane(s) as they are order out for safety.  Is that cost tax deductible?  Or is that an insurance problem?

I don't know as I have only lived through three good size earthquakes and one volcano eruption.

There is a deduction for unreimbursed casualty losses. There may be an annual limit, but I believe those can be carried over to another year. A CPA would have to answer that question. Insurance payments are not taxable.