casualty Loss ?

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  • mrbill
    Member
    • Feb 2009
    • 81
    #1

    casualty Loss ?

    Client's basement incurred sewage damage from a break in the city sewage line. Approx. $20K in Losses. My understanding is no casualty loss on Schedule A. Correct ? Thanks,
    Tags: None
    • terryats
      Senior Member
      • Jan 2019
      • 276
      #2
      That is correct for personal loss. See pub 547: https://www.irs.gov/pub/irs-pdf/p547.pdf

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        • TAXNJ
          Senior Member
          • Jan 2007
          • 2106
          #3
          Summarized version:

          https://www.irs.gov/taxtopics/tc515
          Always cite your source for support to defend your opinion

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