@douglasx1 wrote:
This is what is confusing me: https://steube.house.gov/taxrelief/
I've researched the law, and it does say that, for disasters between 2020 and February 2025, the 10% deductible on casualty losses is suspended, and you can claim a casualty loss even if you don't itemize your other deductions.
This is a major change, and I expect it will delay people filing with current (2024) casualty losses for several weeks at least. I have no idea how long it will take the IRS to update their procedures or for Turbotax to update their forms and instructions. I would check back in a couple of months. The deadline for amending a 2022 return to claim a loss would be April 15, 2026, so there is plenty of time.
