Tax Question: Casualty losses across prior/multiple years

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
Posts: 1168
Joined: Tue Jun 02, 2015 8:18 pm

Tax Question: Casualty losses across prior/multiple years

Post by fortunefavored »

Dealing with federal disaster area declared Jan 2023.

I won't know actual losses for 6+ months. You can deduct losses from the previous year (2022) taxes immediately. If I find out I have more losses, must I amend the previous-year return, or can I just add more casualty losses to the current year when I file those (2023)?

In other words, can I add more losses as discovered to 2023 or must they all be attached to the 2022 once I have "chosen" a year?

(why: amending a return these days takes forever. I'd rather guess low in 2022 and true up in 2023 if I can... it seems unlikely they allow this but it also seems weird they let you deduct a current year thing in the prior year so I figured I'd ask!)
Post Reply