Hurricane Irma Deduction Questions
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user102154604906
Level 2

Hurricane Irma Deduction Questions

Facts

-I took a minimal deduction for Hurricane Irma losses to my residence and its roof on my 2017 return based on damages reported to me and repairs made at that time. 

-A roof inspection in 2019 revealed substantially more damage which will require a complete roof replacement and repairs to interior walls. These repairs have not been made. 

-I submitted a claim to the insurance company in 2019 which it denied in late 2019.

-No reimbursement was received for these losses despite the fact that all of my neighbors' insurance companies paid their losses including complete roof replacements. 

-There is a link on TurboTax 2019 which provides a FEMA code for Hurricane Irma in my county and state.

 

Question: Can I deduct the additional losses first discovered in 2019 on my 2019 return, or do I need to amend a prior year's return?

 

Please note: If I have a choice, I would prefer to deduct these losses on my 2019 return. 

 

Thanks in advance for any assistance you can provide. 

 

 

 

4 Replies
VictoriaD75
Expert Alumni

Hurricane Irma Deduction Questions

You will need to amend your return for the year in which the loss occurred. Per the IRS:

 

Casualty losses are deductible in the year you sustain the loss, which is generally in the year the casualty occurred. You have not sustained a loss if you have a reasonable prospect of recovery through a claim for reimbursement. If you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to treat the casualty loss as having occurred in the year immediately preceding the tax year in which you sustained the disaster loss, and you can deduct the loss on your return or amended return for that preceding tax year. 

 

Casualty, Disaster, & Theft Losses

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user102154604906
Level 2

Hurricane Irma Deduction Questions

I filed my 2017 return on or about April 15, 2017. Has the 3 year deadline passed to amend this return or is there an extension until July 15, 2020, due to covid? Thanks for your help!

CatinaT1
Employee Tax Expert

Hurricane Irma Deduction Questions

Are you referring to your 2016 or 2017 return?  

 

Your 2017 would not have been due until 2018.  

 

If you are referring to your 2017 return - due April 15, 2018 - the 3 year mark would be April 15, 2021.

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user102154604906
Level 2

Hurricane Irma Deduction Questions

I originally claimed a deduction on my 2017 return for the small amount of repairs that I was told about and had performed in 2017. Substantially more damage was discovered in 2019 by a professional contractor. So, would it be best to amend my 2017 return? Alternatively, could the damage discovered in 2019 serve as a deduction on my 2019 return? Thanks for your help!

 

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