Disaster Loss

Disaster Loss

Disaster Loss means:
the loss from a disaster in an area declared by the President as warranting federal assistance. A taxpayer may elect to claim a casualty loss on the tax return for the previous year anytime on or before the later of (1) the due date of the tax return for the year of the disaster or (2) the due date of the return considering any extension for filing the previous tax year's return. Former IRC (check if this IRC provision is current here) §l65(i).

Description and Definition of Disaster Loss

An unreimbursed loss caused by a storm or other damage in an area the President has declared eligible for federal disaster assistance. An election may be made to deduct the loss in either the year before the loss by filing an amended tax return; or the year of the loss.


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