Flood Losses Could Bring Tax Breaks For West Virginians
Release Date: July 24, 2001
Release Number: 1378-29
» More Information on West Virginia Severe Storms & Flooding
Charleston, WV -- West Virginia residents who suffered losses in the recent floods may be eligible for tax refunds from the Internal Revenue Service (IRS).
The IRS has ruled that such losses, defined as damage, destruction, or loss of property from a catastrophic event, may be deducted on the federal income tax return for the year in which the casualty occurred or by amending the return for the previous year.
Residents of the 22 West Virginia counties who had losses may amend their federal tax returns for the year 2000, filed this year, to reflect all or part of their loss, or they may include the deductions in returns to be filed by April 15, 2002.
Deductible items include homes and personal property, such as furnishings, appliances, vehicles, and clothing.
Amending this year's return to claim casualty losses can provide extra money for home repairs or replacing damaged goods.
Reports compiled by Federal Emergency Management Agency (FEMA) inspectors will serve to document losses and may be attached to your tax form or the amendment.
To schedule a visit by a FEMA housing inspector, flood victims must first register for assistance by calling 1-800-462-9029 between 7 a.m. and 7 p.m. seven days a week until further notice. Individuals with speech or hearing impairments should call TTY 1-800-462-7585.
The IRS general information number is 1-800-829-1040.
Last Modified: Tuesday, 21-Oct-2003 10:19:50