Sarah came home one day to find significant water damage in her home. Apparently one of the hoses to her washing machine had worn out and split, spilling water all over the place. Over the next month, mildew appeared as well. Is there any casualty loss deduction for Sarah? Ignore any computational floors and assume that she did not have any homeowners' insurance. (AICPA Adaptive).© BrainMass Inc. brainmass.com June 4, 2020, 4:23 am ad1c9bdddf
The water damage was "sudden, unexpected, or unusual." So, the water hose damage would be a casualty loss. The ...
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