Cool Is Hurricane Damage To Home Tax Deductible 2022. The tax law allows you to take a personal disaster loss on your return for either the year of the disaster or the year before the disaster. You must reduce the amount of the loss by $100 for each separate casualty or theft loss event.

When you lose personal property, or it’s fair market value is lost, because of a catastrophe such as an earthquake, windstorm, hurricane, flood, theft, or some other disaster it. “in general, you get what's called a casualty loss and that's get taken as an itemized deduction,”. ••• storm damage to your property may allow you to take a tax deduction on your federal income tax.