Beginning in 2018 and continuing through 2025, casualty losses are no longer allowed as an itemized deduction for many taxpayers. If you suffer a personal loss to property as the result of a storm, fire, flood, theft or some other unforeseen incident, your loss is not deductible unless the loss occurred in a federally declared disaster area announced officially by the President.
Losses incurred in federally declared disaster areas are still allowed as an itemized deduction and are subject to the $100 per casualty and 10% of adjusted gross income limitations. However, if you have personal casualty gains, your casualty losses can still be offset against those gains, even if the losses aren’t incurred in a federally declared disaster. Also, any gain resulting from a casualty can be deferred into replacement property.
More information can be found through the IRS website here.