Those who have suffered damages as a result of Hurricane Florence may qualify for tax relief from the Internal Revenue Service. For more details, please see the recent article posted by the IRS. While much of the relief is related to tax filing deadlines, be sure to check out the section on Casualty Losses. It reads:

“Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. See Publication 547 for details.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Casualties and Thefts and its Instructions.

Affected taxpayers claiming the disaster loss on a 2017 return should put the Disaster Designation, “North Carolina, Hurricane Florence” at the top of the form so that the IRS can expedite the processing of the refund.”

Read the full article here