10/12/2026
🏡 DID YOU KNOW? Disaster Damage to Your Home May Qualify for a Tax Deduction! 💰
If your personal home has suffered damage from a hurricane, flood, fire, or other declared disaster, you may qualify for valuable IRS tax relief!
Here’s something many homeowners don’t realize:
âś… The 10% Rule: For certain declared disasters, your deductible loss must exceed 10% of your adjusted gross income, after applicable reductions.
✅ Special Disaster Tax Relief: If your damage qualifies under the IRS’s qualified disaster loss rules, the usual 10% income limitation may be waived!
âś… Potential Tax Write-Off: Eligible uninsured losses may be deductible without the usual 10% limitation, subject to a $500 reduction per casualty and other IRS requirements.
âś… Keep Your Receipts! Document damage, emergency repairs, insurance claims, and out-of-pocket expenses.
💡 Important: This does NOT mean every repair qualifies for a 100% write-off. The deduction depends on the disaster designation, the property’s value and tax basis, and insurance reimbursements.
As a Realtor, I believe helping homeowners goes beyond buying and selling homes. It’s also about sharing valuable information that may help protect one of your biggest investments! ❤️
Always consult your CPA or tax professional to determine whether your situation qualifies.
🏡 Kristi Renfroe | Levin Rinke Realty