Daniel's cabin was destroyed in a massive tornado in 2018. 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

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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 2018