DianeW777
Expert Alumni

Get your taxes done using TurboTax

No.  For tax years 2018 through 2025, if you are an individual, losses of personal-use property from fire, storm, shipwreck, or other casualty, or theft are deductible only if the loss is attributable to a federally declared disaster (federal casualty loss). You can add the cost of capital improvements to your original cost basis which could reduce gain on a future sale.

This would not qualify as a disaster but I added the link for  designated areas in 2023.

@poloche

[Edited: 02/28/2024 | 4:10 PM PST]

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