Flood Victims: The IRS Has a Deal For You
Release Date: October 25, 2000
Release Number: 1345-16
» More Information on Florida Heavy Rains And Flooding
Miami, FL -- Nearly half of the 40,000 victims of South Florida's early October floods who have contacted the Federal Emergency Management Agency's (FEMA's) toll-free recovery teleregistration number have raised tax questions. And for those inquirers, the Internal Revenue Service (IRS) may offer one of the few positive aspects of South Florida's October heavy rains and floods.
People suffering casualty losses in a presidentially-declared disaster area, such as the four South Florida counties so-designated on Oct. 4th, may receive assistance from the IRS in the form of free income tax information and tax return preparation. And the bonus is that such losses, defined as damage, destruction, or loss of property resulting from a catastrophic event, may be deducted on the federal income tax return for the year in which the casualty occurred or, by amendment, on the return for the preceding tax period.
In other words, taxpayers who are also disaster victims in Broward, Collier, Miami-Dade, or Monroe Counties may amend their 1999 returns, filed in April of this year, to reflect all or part of their losses, or they may include the losses in their returns filed in 2001.
Deductible items include homes and personal property, such as furnishings, appliances, vehicles, and clothing.
Claiming casualty losses can provide money for home repair or replacing damaged goods.
Inventories compiled by FEMA inspectors will serve to document losses and may be attached to your tax form or amendment without making a new list.
To receive Form 4684, the Casualties and Thefts Form and instructions, or for more information, taxpayer/disaster victims are urged to call the IRS at 1-800-829-1040 or visit the IRS office in their community.
Last Modified: Wednesday, 12-Nov-2003 14:51:51