A. It depends. You may qualify for an itemized casualty loss deduction if you meet the usual requirements (e.g., the damage was caused by a sudden, unexpected and unusual event like a hurricane). But casualty loss deductions on your personal return are limited to the excess above 10% of your adjusted gross income after subtracting $100 per casualty event.
In many cases, no deduction is allowed due to the AGI limit.
Tip: To figure the deductible amount, you must reduce the damage cost by any insurance proceeds you receive.