IRS Disaster Assistance
Federally Declared Disaster Area
You may deduct the loss or partial loss of your home, household goods, and motor
vehicles from disaster damage on your individual federal income tax return. If you paid
taxes in the tax year immediately preceding the tax year in which the disaster occurred,
you can choose to deduct your loss on a Form 1040X (Amended U.S. Individual Income
Tax Return) for the prior year instead of waiting to file your current year return. This will
allow you to receive a refund of some or all of the taxes paid on your prior year return.
What this means to you…
•
If you filed a federal income tax return in the preceding tax year and paid federal
taxes …
o You may be able to file an amended return now (or wait until next year) to
claim your loss and receive a refund of the amount of taxes paid.
o You need to itemize using Form 1040 Schedule A.
To claim your losses…
• Make a list of everything you owned and lost
• Determine its original cost (or adjusted basis)
• Determine the fair market value of each item
o This is the amount it could have been sold for just before the disaster
• Determine the present value – after the disaster
• Determine insurance or other reimbursements you received or expect to receive
To take advantage of casualty losses and to assist you through this
process…
• Get Publication 2194, Disaster Loss Kit for individuals or Publication 2194-B
Disaster Loss Kit for businesses.
• Get computer generated copies of your last year’s tax return from the IRS.
•
IRS can assist with preparing your amended tax returns.
For additional information and assistance…
•
IRS Disaster Assistance Hotline – 1-866-562-5227
(Monday – Friday from 7:00 am to 10:00 pm local time),
*Please have your own interpreter, if needed, when calling the Hotline number
• Visit the website at www.irs.gov or
• Contact your tax professional
IRS
Department of the Treasury
Internal Revenue Service
publish.no.irs.gov