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Can you deduct your property damage?

Uncle Sam offers some tax relief to victims of disasters who suffer uninsured property damage. To qualify for the write-off, the damage must be caused by an unexpected, identifiable event, such as a flood, earthquake, hurricane, tornado, etc. (accidents and deterioration don’t count). Your uninsured loss, minus $100, must then exceed 10% of your adjusted gross income to qualify.

The calculator below will help you determine if you can take advantage of this write-off.