AmyC
Expert Alumni

Deductions & credits

@nongkangma Yes, you can amend your return when you know more. You have 3 years to amend. This year is particularly odd with 3 types of disasters and different ways of reporting.

 

As part of tax reform relief for those affected by natural disasters, you can now deduct your total loss (minus $500 and any amount covered by insurance) along with your usual Standard Deduction, whether you amend 2019 (see below) or file as usual for tax year 2020. This means you’ll be able to claim everything you lost over $500 without having to itemize deductions on your taxes.

 

See Topic No. 515 Casualty, Disaster, and Theft Losses | Internal Revenue Service (irs.gov)

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