If you are affected by a federally declared disaster, you can take a casualty loss deduction for the amount of the loss. You must put the FEMA number of the disaster on your tax return and the IRS will match your address as well, so you can't claim this loss for an ordinary storm.
If you have a qualified casualty loss due to a disaster, the amount of the loss deduction is the loss in fair market value of your home by the casualty. This usually requires an appraisal to establish. However, the cost of repairs can be used as a substitute for the value of the loss as long as you restored the property to as-was condition and did not improve it. For example, if your roof was old and failing, and you replaced it with a new roof, then the cost of replacement is not a fair estimate of the loss of value because your property is better than it was -- only part of the cost would be a deductible casualty loss. You must also reduce your claimed loss by your insurance deductible and by any insurance coverage, even if you were covered by chose not to make a claim.
If this storm was not a qualified federally declared disaster, then you can't deduct the cost of repairs or improvements to your personal home. The improvement adds to your cost basis and may reduce your capital gains when you sell.
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