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.
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.
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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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