Im have a question regarding the deductability of losses suffered
during a federally declared natural disaster. I have read IRS
Publication 547, but it did not really answer my question.
Here is the situation:
I suffered losses in a federally declared natural disaster (FEMA
disaster 1735 seen here
I do have property insurance and they reimbursed me after I payed my
deductible which was $2000. My question: Can I deduct from my taxes
this $2000 insurance deductible? Do the 10% rule or $100 rule apply
to this situation?
- posted 12 years ago