are my material cost and repairs tax 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 have saved my reciepts just in case.
Tagged with: insurance • insurance money • reciepts
Filed under: Hurricane Questions
Like this post? Subscribe to my RSS feed and get loads more!
make use of the SE like google or yahoo to get some ideas first if you want to get 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.
No. You were reimbursed by your insurance.
You need to remember one key of insurance; you buy it to make you whole 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 likely that the insurance company gave you enough money for materials plus labor. If you pocketed the difference, that is fine but the IRS will not let you deduct something that you never really paid for. If they audit you, they will ask for copies of your insurance and you would likely be in trouble.