Since the prior discussion, April 11, nothing has changed. As Bob explained in his reply in that original topic, this is governed not by the IRS, but by legislation.
"As you found in Pub 547, "However, in order to qualify under this expansion, the major disaster must have an incident period beginning between December 28, 2019, and December 27, 2020 (inclusive). Further, the major disaster must have an incident period ending no later than January 26, 2021."
These dates have to be updated by legislation..."
Let's review the revision after TCJA...
Taxpayer Certainty and Disaster Tax Relief Act of 2019:
"This first act applied to Federally Declared Disasters in 2018 through January 19, 2020. It removed the 10% adjusted gross income rule and increased the per-event reduction from $100 to $500. "
From: https://thewolfgroup.com/blog/tax-relief-for-individuals-affected-by-the-recent-winter-storms-in-tex...
Consolidated Appropriations Act, 2021, includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020:
"The term "qualified disaster area" is defined to include any area with respect to which a major disaster was declared during, the period beginning on January 1, 2020, and ending on the date which is 60 days after the date of enactment (December 27, 2020). P.L. 116-260, Sec. 304.
From: https://answerconnect.cch.com/topic/3b250fce7d0810008b3790b11c18cbab013/limitations-on-casualty-loss...
And this was Suzanne's reply, then: "According to the cover of pub 547 a qualified disaster loss is expanded to include one declared by Presidential declaration dated between 1-1-20 and 2-25-21 ( Biden declared 2-19-21)"
Which explains how the 60 days is applied, leaving you at Feb 25, 2021 from Dec 27, 2020.
"However to qualify the disaster's incident period must end no later than 1-26-21. Texas was 2-11-21 to 2-21-21. So according to this at this time Texas is not a qualified disaster and is subject the 10 percent rule."
Okay, then.
And now:
"Yes, I was involved in that discussion and came to the conclusion it is
subject to the 10% rule. Was wondering if anyone heard any updates......"
Okay, then.
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