http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm Sun, 20 May 2012 16:39:14 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm/comment-page-1#comment-1661 Melissa P Fri, 26 Jun 2009 02:27:58 +0000 http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm#comment-1661 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. 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.

]]> http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm/comment-page-1#comment-1662 bud68 Fri, 26 Jun 2009 02:27:58 +0000 http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm#comment-1662 No. You were reimbursed by your insurance. No. You were reimbursed by your insurance.

]]> http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm/comment-page-1#comment-1663 JJ Fri, 26 Jun 2009 02:27:58 +0000 http://hurricanequestions.com/are-my-material-cost-and-repairs-tax-deductible-on-my-home-from-hurricane-ike-i-used-my-insurance-4-repairs.htm#comment-1663 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. 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.

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