Yes, you can claim the costs to restore the rental property as a casualty loss on your tax return as long as your loss exceeds 10% of your adjusted gross income. Since Hurricane Ian is a federally declared disaster, you can elect to amend your 2021 return and claim the loss in the preceding year. Additionally, if the casualty loss exceeds your income, you will have a net operating loss and will be able to carry the loss forward up to 20 years. Unfortunately, the lost rental income is not deductible. Any expense related to getting the property back to the state that it was in prior to the hurricane can be included in your loss calculation. This includes property inside the home.
A complete guide to claiming casualty losses can be found HERE.
