Casualty loss deductions: You can claim one only for a federally declared disaster

Casualty loss deductions: You can claim one only for a federally declared disasterUnforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take.