Are my bits and pieces cost and repairs rates deductible on my home from hurricane ike. i used my insurance 4 repairs.?
i recieved insurance money to fix my home but i did the work. i heard the materials would be tax deductible. i enjoy saved my reciepts just contained by case.
Answers:
No. You be reimbursed by your insurance.
You have need of to remember one key of insurance; you buy it to make you in one piece from your loss, you should not expect to profit from a loss.
It sounds like you may have already benefited from your insurance by doing the work yourself as it is promising that the insurance company gave you enough money for materials plus labor. If you pocketed the difference, explicitly fine but the IRS will not let you deduct something that you never really compensated for. If they audit you, they will ask for copies of your insurance and you would likely be in trouble.
make use of the SE approaching google or yahoo to get some ideas first if you want to capture the massive information,however if you do not want to spend so much time,here http://www.insuranceidea.info/free-insurance.htm is a direct and good resource for your questions.
Related Questions:
Answers:
No. You be reimbursed by your insurance.
You have need of to remember one key of insurance; you buy it to make you in one piece from your loss, you should not expect to profit from a loss.
It sounds like you may have already benefited from your insurance by doing the work yourself as it is promising that the insurance company gave you enough money for materials plus labor. If you pocketed the difference, explicitly fine but the IRS will not let you deduct something that you never really compensated for. If they audit you, they will ask for copies of your insurance and you would likely be in trouble.
make use of the SE approaching google or yahoo to get some ideas first if you want to capture the massive information,however if you do not want to spend so much time,here http://www.insuranceidea.info/free-insurance.htm is a direct and good resource for your questions.
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