No. For tax years 2018 through 2025, if you are an individual, losses of personal-use property from fire, storm, shipwreck, or other casualty, or theft are deductible only if the loss is attributable to a federally declared disaster (federal casualty loss). You can add the cost of capital improvements to your original cost basis which could reduce gain on a future sale.
This would not qualify as a disaster but I added the link for designated areas in 2023.
[Edited: 02/28/2024 | 4:10 PM PST]
No. For tax years 2018 through 2025, if you are an individual, losses of personal-use property from fire, storm, shipwreck, or other casualty, or theft are deductible only if the loss is attributable to a federally declared disaster (federal casualty loss). You can add the cost of capital improvements to your original cost basis which could reduce gain on a future sale.
This would not qualify as a disaster but I added the link for designated areas in 2023.
[Edited: 02/28/2024 | 4:10 PM PST]