Chris Healy, Realtor

401-258-8534 Office
401-258-8534 (best) Mobile


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.