How to File For Natural Disaster Relief for 2012

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How to File For Natural Disaster Relief for 2012

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NATIONWIDE--If insurance didn't cover it, Uncle Sam might. Casualty and theft claims have always been available to taxpayers, but after last summer's wildfires and tornadoes, more people may be looking to the federal government this April for help.

Last year's loss could mean a break for this year's tax return.

"Flood, tornado, anything that you've lost like loss of your personal property," Patricia Jordan said, Sun Loan and Tax Service manager.

After a tornado claimed two lives and destroyed dozens of homes in Tushka, Oklahoma in April 2011, Sun Loan and Tax Service in Durant expects some of their customers will ask for a 4684 form. http://www.irs.gov/pub/irs-pdf/f4684.pdf

"I think it's a very bad deal," Jordan said. "I think that's a big tragedy over there I'm not sure how those people are dealing with it, but I wouldn't want to go through it."

After insurance coverage, tax payers who have spent more than 10 percent of their annual income to recover their personal property after a natural disaster, fire or theft may qualify.

Things you can't deduct include lost possessions or items that are damaged under normal conditions. This includes termites, moths, or other insects who may have invaded your space.

According to Certified Public Accountant Joe madden, if a major storm or fire were to hit right around April 17th, you may not have to wait another 12 months to file.

"If the disaster happens right around tax season, like if there was a major tornado right now and it destroyed some homes and we were a Federal Disaster Area, the IRS will generally allow you an extension on the times to file," Madden said.

Residents who live in a federal disaster area have three years to amend their return. For those who lost more than just their home, there may be more relief.

"If a business owner, maybe their grocery store was destroyed in a tornado or a fire, there's some different rules that apply to business property," Madden said.

"I believe once everybody realizes that you're able to claim it, it will be something that everybody will want to claim, and they are able to file an amendment on this," Jordan said.

It's a return that could help some rebuild in 2012.

IRS Disaster Assistance and Emergency Relief

http://www.irs.gov/businesses/small/article/0,,id=156138,00.html

KTEN.com - No One Gets You CloserHow to File For Natural Disaster Relief for 2012

How to File For Natural Disaster Relief for 2012

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