Casualty Loss Deduction Restoration Act

This bill repeals a temporary restriction on deducting personal property damage from disasters (like storms or fires) for individual taxpayers. It sets a $50,000 annual limit on such deductions for tax years 2018-2025, except for losses from federally declared disasters, which remain fully deductible. The bill also extends the deadline for filing claims for these losses by one year after the bill's enactment. It directly affects individuals who suffered property damage in non-disaster events during the specified years, allowing them to deduct losses up to the $50,000 cap.