Are there deductions for Hail, Wind, Flood damage in the amount of $32,000, if it was not a Federally Declared Disaster?

[DavidA-Dabdoub]

I suffered severe damage to my roof, siding and due to a flooded basement during a hail/wind storm that culminated in rain for 3 days and a flooded basement.  No Federal Disaster was declared in this part of Colorado.  Can I take any deduction for $32K in repairs?

[MonikaK1]

Unfortunately, under current law, there is no casualty loss deduction on your personal return unless the loss is attributed to a Federally declared disaster, or the property was used in a business. Keep track of the amount you spend to repair or improve your property in order to track your basis in the property in the event it is later sold.

For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. Casualty losses can still be claimed for business property. This change was part of the Tax Cuts and Jobs Act of 2017. See IRS Publication 547.

See this help article for more information.