IRS T.D.: Election to Take Disaster Loss Deduction for Preceding Year (IRC §165)

Final regulations relating to the election to accelerate the timing of a loss sustained by a taxpayer attributable to a federally declared disaster, the IRS released October 11. The rules finalize temporary and proposed rules issued in 2016 along with a revenue procedure. In general, the final regulations allow the election to be made up to six months after the due date for filing the taxpayer’s federal income tax return for the disaster year (determined without regard to any extension of time to file). Any revocation must be made on or before the date that is 90 days after the ...