Casualty Lossess
I have a client you had his detached garage burn down which included his vehicle and 2 motorcycles. The fire was caused by a faulty timer. The insurance company is going to reimburse my client $33 for the garage which originally cost $37K. The cost to replace the garage is $47K. Is it correct that the IRS only allows a casualty loss on federally declared losses otherwise referred to as "qualified disaster losses" on Form 4684? Is there no other place on the 1040 that the client can write-off this fire loss? Thanks for your input.
