Which of the following statements regarding qualified disaster losses is FALSE?

Qualified disaster relief includes any area declared a major disaster by reason of COVID-19.

Losses may be deducted on the return for the year of the disaster or the preceding year.

If a taxpayer has a financial loss to personal-use property from a qualified disaster, the loss amount is first reduced by $500 per event. There is no AGI reduction.

The deductible loss is carried to Schedule A (Form 1040), line 16, Other Itemized Deductions. The standard deduction is also entered on this line, if the taxpayer does not benefit from itemizing deductions.