Kiplinger

Deducting Disaster Losses on Your Tax Return

[QUESTION]My house was damaged by Hurricane Florence, and I have a 2% deductible on my homeowners insurance, which is about $7,000. Will I be able to deduct the $7,000 on my tax return?

[ANSWER]Maybe, but the calculation is complicated and the laws changed this year. In the past, everyone could deduct unreimbursed casualty losses -- whether their home was damaged by a major for a list of eligible counties).

You're reading a preview, sign up to read more.

More from Kiplinger

Kiplinger8 min read
The 7 Best ETFs to Beat Back Trade War Worries
The trade war between the United States and China is well into its second year. Since Jan. 22, 2018, American stocks have made two runs into all-time-high territory, but overall, they haven't made much progress. The Standard & Poor's 500-stock index
Kiplinger4 min read
Need Financial Advice? How to Choose Between Robo and Human Help
Preparation is essential to meeting any goal, but when it comes to financial planning, there's often a disconnect: We know it's important, but we just don't follow through as we ought to. In fact, a study by the Duke Center for Advanced Hindsight hig
Kiplinger2 min readPolitics
Want a Bigger Tax Refund Next Year? Check Your Withholding!
We always advise our readers to keep tax refunds to a minimum to avoid giving Uncle Sam what amounts to an interest-free loan all year long. But we also acknowledge that some people still like big refunds and see them as a kind of forced savings acco