Question

Can I get a tax break on home exterior insulation due to a hail damage claim?

Forum|Forum|1 year ago
March 1, 2025
1 reply
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Yes, if you have qualifying items.

The casualty loss is one issue and it deals with your cost basis and fair market value differences from the damage and is claimed on Form 4684. You will include insurance reimbursement as part of those calculations. Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property).

Repairs and what you did with the money are another issue. Take a look at Federal Tax Credits for Energy Efficiency and you might find several things that qualify for deductions. There is an insulation section.

The IRS recommends replacing something each year to maximize the credit.

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