A personal casualty loss deduction may be allowed for losses resulting from termites.

Question

Quizplus · Accepted Answer

Termite damage to a personal residence or property may qualify as a casualty loss and could be deductible on a taxpayer's personal tax return. However, certain conditions must be met, such as the loss must not be covered by insurance, and it must exceed 10% of the taxpayer's adjusted gross income. It is always recommended to consult with a tax professional for specific guidance on personal casualty loss deductions.

A Personal Casualty Loss Deduction May Be Allowed for Losses