Family Office Insights
COVID-19 Tax Relief for Individuals and Family Offices
COVID-19 has undoubtedly created significant hardships for individuals, businesses, and family offices, not the least of which may be business and investment losses. While perhaps not quite a silver lining, tax law potentially offers relief that can at least help take some of the sting out of these losses.
The so-called “disaster relief” provision, which has existed for decades, allows individuals and family offices to take certain COVID-19-related business and investment losses incurred in 2020 and accelerate them into your 2019 tax returns. This may include losses due to the closing of a store or business, the sale or exchange of certain property, or securities becoming impaired or worthless.
This issue of Family Office Insights examines:
- How the disaster relief provision works
- How you may benefit from it
- Whether you qualify to claim the relief
- When you need to make the election on your tax return
- Potential obstacles to claiming the relief
Family Office Insights
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