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COVID deduction from 2019 taxes
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.
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COVID deduction from 2019 taxes
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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COVID deduction from 2019 taxes
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).
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COVID deduction from 2019 taxes
.
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.
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