Question

My home was affected by Helene. My property value decreased to basically the land value only. When I put this in it reduced my tax obligation to ZERO. Is this right?

Forum|Forum|1 year ago
March 14, 2025
1 reply
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That could be correct, as you get a deduction for the lower of the cost basis or decease in the fair market value of your house from the storm damage, since the storm was a federally declared disaster. You need to keep in mind though, that you can only deduct the portion of the loss that won't be reimbursed by insurance.

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