If your casualty loss deduction is more than your income, you may have a net operating loss (NOL). You don't have to be in business to have an NOL from a casualty. For more information, refer to IRS Topic 515, as well as Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts.
If the casualty loss is on a rental property, when entering the casualty loss information in TurboTax, indicate which is for rental property. The rental casualty losses will appear in a different section of Form 4684.
See also this TurboTax tips article regarding casualty losses.
If your casualty loss and other itemizable deductions exceed your standard deduction, TurboTax will automatically use itemized deductions.
[Edited 03/13/23| 4:11pm PST]
@Sequel95 (edited)
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