Casualty losses are deductible in the year you sustain the loss, which is generally in the year the casualty occurred.
The Tax Cut and Jobs Act suspended casualty losses until 2026. You may claim a casualty loss as an itemized deduction on Schedule A subject to a 2 percent floor. For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement.
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