No matter where you live, you should be aware of possible natural disasters in your area and plan accordingly by considering the following tax tips:
- Update your emergency plan.
- Create electronic copies of all important documents.
- Document your valuables. Documenting these items ahead of time makes it easier to claim insurance and tax benefits if a disaster strikes.
- You can call the IRS at 866-562-5227 with any natural disaster-related questions. The agency can provide copies of previous tax returns, order transcripts showing most line items, and more.
- Net personal, casualty, and theft losses may be deductible if they’re attributable to a federally declared disaster.
* This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov4
- IRS.gov, January 22, 2021