Daniel's cabin was destroyed in a massive tornado in 2019.After consideration of insurance,he has a loss of $15,000.Due to the tornado,the area has been declared a federal disaster area.Daniel can deduct this loss in
A)2018.
B)2019.
C)2020.
D)either 2018 or 2019.

Question

Quizplus · Accepted Answer

When a loss occurs in a federally declared disaster area, taxpayers have the option to deduct the loss in the year the disaster occurred or the previous year.

Daniel's Cabin Was Destroyed in a Massive Tornado in 2019