Yes, the deductible is deductible. However, there is a $100 and 10% of AGI floor that is subtracted before any casualty is taken into consideration. Do the math first before going to the bother to enter it on the form.
Reporting a casualty can help you but only if you meet the qualifications. Personal losses are reported on Form 4684 and are carried over to Schedule A if you itemize. (Casualties for businesses are reported on the same form on Part B.)
In TurboTax (for personal losses):
Go to Federal Taxes
Deductions and Credits
*Personal casualty and theft are no longer deductible per TCJA as of 1/1/18, unless in a Presidentally Declared Disaster Area.
Scroll down to Other Deductions and Credits
