Your understanding of the current tax law is correct. However, it is hard for me to believe that Hurricane Ian would not eventually be classified as a "Qualifying Disaster Loss", but it is possible that the designation does not get changed. We provide the following options to our clients on this matter.
Option 1: Follow current tax law meaning that Hurricane Ian is not a “qualified disaster loss”. If the tax law changes later so that Hurricane Ian is designated as a “qualified disaster loss,” then file an amended tax return.
Option 2: File a tax extension to see if the tax law changes so that Hurricane Ian gets designated as “qualified disaster loss” before the tax extension deadline.
Best Regards,
Kenneth Jarvis
