TaxAudit Blog

Tag: deductible

water damage in a home

Is a water leak damage and repair deductible?

We had a water leak in our home. The clean up used chemicals which caused us to get rid of our clothing, bedding, and furniture. Is this deductible?

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Wooden House next to Money Bag

What closing costs are tax deductible vs. added to basis?

In general, only mortgage interest and property taxes are deductible in the transaction year, while some expenses and fees can be added to the cost basis.

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Flooded Apartment

My apartment flooded. Can I deduct my losses?

For federal tax purposes, there is no deduction available at this time. However, the loss may or may not be deductible on your state tax return.

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