Mold Damage: Health Hazard, Cleanup, & Serious Tax Implications

Posted on: October 21, 2014 | By: Michael T. | Air Quality, flood restoration, mildew, mold inspection, mold insurance, mold remediation, san francisco, water damage

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Mold Damage:  Health Hazard, Cleanup, & Serious Tax Implications

Tax implications

Mold Damage:  Health Hazard, Cleanup, & Serious Tax Implications

According to the EPA, moisture control is the most vital factor to mold control.  Stop the moisture and control the mold.  “Allergic reactions, asthma, and other respiratory complaints” are all illnesses that can lead to serious long term health risk caused by mold from flood damage, wet materials and standing water.  Check out this article from the EPA for your edification.  http://www.epa.gov/mold/moldresources.html#Floods

Viruses, bacteria and mold can all form in standing water and wet materials and it’s important for your safety that they are handled expeditiously.   Furthermore, it’s important to know that disease can produce allergic reactions and cause reactions with those with asthma and respiratory illnesses, in addition to continuous damage to your property if not promptly taking care of promptly.

http://www.epa.gov/iaq/flood/index.html

Tax implications:

The IRS allows for ““damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual”.  Deductions are allowed for casualties but will not cover losses that could have been prevented such as damage from mold and water that was not taken care of so.

“The Internal Revenue Service defines a casualty as the “damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.” That generally includes natural and man-made disasters such as earthquakes, fires, floods, car accidents, vandalism, and terrorist attacks. A loss that could have been prevented—such as some types of mold buildup—wouldn’t count.” http://www.consumerreports.org/cro/money/taxes/deductions-and-catastrophes/overview/deductions-for-catastrophes-ov.htm