Tax Tips for Victims of Disasters
Each year, the Internal Revenue Service (IRS) gives tax relief to individuals and businesses that suffered losses from a disaster or live in areas that were declared a national disaster by the federal government. Find answers to some common tax questions if you were affected by a disaster.
1. Can I get more time to file and pay my taxes if I was affected by a disaster?
Depending on your circumstances, you may be able to get extra time to file and pay taxes. Individuals and businesses in a federally declared disaster area can get a faster refund by claiming losses on their tax return for the previous year. This may mean you have to file an amended tax return. Get free help filing your taxes in person.
2. Is there special tax help for victims of disasters?
Special tax laws may help you recover financially from the impact of a disaster. If you were affected by a disaster, find out if you live in an area that qualifies for tax assistance.
3. Can I deduct property losses that I suffered in a fire?
Generally you may deduct losses resulting from the damage, destruction or loss of your property as a result of the following:
- Fire
- Flood
- Hurricane
- Tornado
- Earthquake
- Volcanic eruption
You may not deduct losses covered by your insurance. Learn more about casualty, disaster and theft losses.
4. What extra documents do I need to file my taxes if I was affected by a disaster?
Make sure you take the following additional documents with you when you file your taxes:
- City/county where you lived/worked/had property
- Records of property losses (appraisal, clean up costs, etc.)
- Repair/rebuilding costs
- Insurance claims and/or reimbursements
- FEMA assistance information
Get free help filing your taxes in person.
Remember, the deadline to file your taxes is Tuesday, April 17, 2012.
