It depends.
For tax years 2018–2025, you can only deduct casualty losses on personal property if they are the result of a federally declared disaster area. Only the amount that exceeds 10% of your adjusted gross income is deductible.
You can still deduct casualty losses on business property.
For reference, see:
- Publication 547
- Casualty loss deduction limits
- What if I have property that was lost or damaged?
