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Investors & landlords
Generally, you can use the cost of your roof repairs as a measure of the decrease in the fair market value of your property. That's as long as you didn't make improvements to the roof that exceeded the actual damage. See IRS Publication 547, page 5, under Cost of cleaning up or making repairs. But if you had insurance, often the amount of your insurance proceeds is considered to be the measure of the loss.
The limits on casualty losses make it difficult to claim a deduction. See this answer from TurboTax Margaret under NOTE:
https://ttlc.intuit.com/replies/5992471
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‎June 4, 2019
6:18 PM