The usual disaster tax deductions will not broadly apply to the COVID-19 pandemic because the virus doesn't damage property."This COVID-19 is terrible, but it's not against anyone's house, anyone's building," says Mulaney. "If you owned a stadium, it's not worthless, but it's not useable for the next few months. It's still usable in the future."But just because it doesn't destroy buildings doesn't mean COVID-19 isn't devastating. Net operating losses are sure to be pronounced.Taxpayers can mitigate NOLs through carry-forwards and carry-backs. So while the company that owns the stadium can't claim a loss of the stadium itself, it can claim the loss of income against past or future tax filings.