Is property damage to my townhome due to a leak not covered by insurance tax deductible in 2018? Does this qualify as casualty loss? If so, does casually loss still exist after this year’s tax changes?
Casualty/theft losses are no longer allowed (until 2025) unless declared a federal disaster area
Thank you @MinnesotaDadof3 . Does it make a difference if my freelance business and my small business operate from this location?
@seal16 I am not an accountant so you should probably check with one. However, I run my consulting business out of the house in a dedicated room. I have been able to deduct a proportionate share of house expenses such as that even when the expense is not otherwise deductible. There are a lot of rules around it though.
If you are able to turn it into a legitimate business expense, then it may be deductible. So if the leak damaged your office or equipment, you could probably deduct. Best to see an accountant for these issues though as the home office deduction has some pitfalls.