COVID deduction from 2019 taxes

SGlobo · ‎April 10, 2020

Any updated guidance on claiming COVID-related losses on 2019 taxes? Specifically related to Section 165i which allows taxpayers to claim losses attributed to federally declared disasters on prior year's returns? I saw Rev. Proc. 2016-53, Section 3.02 on the IRS site but am not a tax pro, so it's basically Latin.

Will Turbo Tax change something in their interface to allow us to make a COVID related loss on 2019 returns? Guidance is appreciated.

AmyC · ‎April 10, 2020

We are also waiting for guidance. You can stay up-to-date at Coronavirus Tax Relief | Internal Revenue Service.

A disaster is claimed on the same forms every year so I would not anticipate a change to any forms.

See also Disaster Assistance and Emergency Relief for Individuals and Businesses.

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AmeliesUncle · ‎April 10, 2020

What type of "loss" do you have?

Those things you cited are generally for if you own property that destroyed (such as your house being destroyed by a hurricane).

ColeenD3 · ‎April 10, 2020

.

Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty. A taxpayer who uses property in a trade or business may be able to deduct expenses of repairing or restoring property damaged under casualty.

@SGlobo

COVID deduction from 2019 taxes

Deductions & credits

Deductions & credits

Deductions & credits