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QUESTION DETAIL
Related User
Votes
I work 200 miles from my primary residence. I recently purchased an apartment this year. There was some major damage to the property. Can I deduct casualty loss on a second home?
ANSWER
The BIDaWIZ Team's Answer:
Yes, you can deduct casualty losses on a second home as long as the home is only used for personal purposes. If you also rent this home or use it for investment purposes, then the casualty loss rules are different. This is referenced in IRC Section 165(h) and IRS Publication 547.
