Revenue Procedure 2018-14 extends the time for individuals to pay to repair damage to their personal residences. Most importantly for affected homeowners, for damage resulting prior to 2018, if a taxpayer pays to repair the damage prior to the last day for filing a timely Form 1040X for the 2017 taxable year, the taxpayer may treat the amount paid as a casualty loss on a timely filed form 1040X for the 2017 taxable year.
Rev. Proc. 2017-60 provided a safe harbor that allows an individual to deduct the amounts paid to repair damage to his or her personal residence caused by deteriorating concrete foundations containing the mineral pyrrhotite. Seek a Tax Professional who can guide you for the most appropriate deduction.