As we head into hurricane season, make sure you know the options available to you and what steps to take if disaster strikes your home or business.
If you are the victim of a severe storm, flood, earthquake, or other disaster and your property was damaged or destroyed, the IRS may be able to help.
You may be able to claim a casualty loss on your tax return. (This is a loss that isn’t covered by insurance or other reimbursements.)
If your loss occurred in a federally declared disaster area, you can claim it on either this year’s or last year’s tax return, putting money in your pocket now when you need it.
One of the first steps to take after a disaster is to inventory your property, taking pictures to document any lost or damaged items. The IRS can provide copies of your tax returns or transcripts to help reconstruct your financial records. They can also help if you owe money or need to file a tax return.