costs of a natural disaster

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Landmark Premier Properties Brian Janes --- Steve Eastin --- Briana Kelly PO Box 111, Kiowa, CO 80117 PO Box 994, Franktown, CO 80116, , Office: 303-646-1171 Fax: 303-646-2332 landmark@landmarkpremier.com www.landmarkpremier.com Lic. #: 34343

costs of a natural disaster

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Are the costs of a natural disaster deductible?

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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