Individuals Can Take Tax Deduction for Flood DamageLast week, through a series of questions and answers, wediscussed available income tax relief...By Bethe GroweNancy Dilley
more than 50 Nashville schools were damaged and hundreds of homes were filled with floodwater; overall, the flood caused billions in property damage.
When a taxpayer's property is destroyed as a result of fire, earthquake, flood, hurricane, vandalism or similar event, the loss can give rise to a tax deduction. To be deductible as a casualty loss, the property must be ...