Daniel's cabin was destroyed in a massive tornado in 2016.After consideration of insurance,he has a loss of $15,000.The President of the United States has declared the area a disaster area.Daniel can deduct this loss in
A)2015.
B)2016.
C)2017.
D)either 2015 or 2016.

Question

Quizplus · Accepted Answer

Since the area was declared a disaster area, Daniel can choose to deduct the loss in the year the disaster occurred (2016) or the previous year (2015).

Daniel's Cabin Was Destroyed in a Massive Tornado in 2016