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April 23, 2007
Fun Tax Ruling of the Day
If your home is destroyed as a result of the wood being eaten away by beetles, it is tax deductible.
If your home is destroyed as a result of the wood being eaten away by termites, it is not tax deductible.
This is the result of an elaborate study conducted by the IRS on termite eating habits and destruction patterns for homes infested with termites. They have, in fact, created a regional map to indicate in which regions termite loss is tax deductible and in which it is not.
Posted by Zach at April 23, 2007 12:02 PM