Flood Repairs are Tax-Deductible
Repairs for flooding can be expensive. After the floods we faced earlier this month, many people in our area are facing those costs. There is some good news for flood victims, though.
According to the City of Cadillac, a portion of the cost of repairs for damage caused by a natural disaster may be tax deductible. Victims of the recent flooding in our area are encouraged to save receipts and records for repairs to their homes and property.
The City of Cadillac stated that homeowners should consult a tax professional and the IRS Casualty, Disaster, and theft loss workbook for more information about tax-deductible disaster repairs. The workbook is available at the IRS’ web site (www.irs.gov) or by clicking here.