Is My Sinkhole Deductible?

If you are a Corvette fan, prepare to shed a tear.  A forty foot wide sinkhole opened up in the floor at the National Corvette Museum in Bowling Green Kentucky this week.  The  gaping hole swallowed eight vehicles including the one millionth Corvette to leave the assembly line at the Corvette factory next door.  Also swallowed up, were several other irreplaceable vehicles from Corvette lore.   Here is the list of vehicles that went under according to the museum:

  • 1962 “Black Corvette”
  • 1984 PPG pace car
  • 2009 ZR1 “Blue Devil”
  • 1992 white “1 Millionth Corvette”
  • 1993 ruby red “40th Anniversary Corvette”
  • 2001 Mallett Hammer Z06 Corvette
  • 2009 white “1.5 Millionth Corvette”
  • 1993 ZR-1 Spyder

Some of these vehicles are rare, or one of a kind, so establishing the value of the loss is difficult. The museum estimates that the damage will be in the millions.

 

So what if you are not a Corvette person?  Why should you even care about this?  Well, because sinkholes are not exactly an unknown phenomenon here in Florida.    As recently as January of this year, a sinkhole took out a portion of a  major roadway  in Ft. Pierce, Florida, just south of Vero Beach, Titusville, and Melbourne. Not long before that,  sinkholes claimed boats, swimming pools, and parts of home in communities not very far from us.

Is My Sinkhole Deductible?

The bottom line is that sinkholes are a part of life in this  part of our nation.  We need to be aware of the ever present risk, and take prudent steps to mitigate that risk as much as we can.  Perhaps a call to your insurance carrier might be a good start.  Ask about any options to limit your loss.  If you are unfortunate enough to sustain a loss due to a sinkhole, and you live in Vero Beach,  Titusville, or Melbourne, we recommend a call to DiSalvo & Co. CPA to find out if your sinkhole related casualty loss might be tax deductible.

DiSalvo & Company, P.A. is a Vero Beach based CPA firm with offices in Vero Beach, Melbourne and Titusville. We are dedicated to meeting the accounting and tax planning needs of small business and individuals throughout the Space Coast and Treasure Coast, with clients from Titusville to West Palm Beach.  Call DiSalvo & Company CPA today to schedule your free consultation at (772) 770-6008.

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