3 Tax Prep Tips For Natural Disasters
NEW YORK (TheStreet) -- Were you the victim of a tornado, flood, fire, hurricane or other natural disaster last year?
According to the Federal Emergency Management Agency, there were 62 declared disasters across the U.S. last year.
Aside from direct relief from Uncle Sam (usually via FEMA), there are some good tax breaks disaster survivors can take on their 2013 tax forms.
United Policyholders, a nonprofit insurance group that helps insurance customers through the process of filing a claim and dealing with personal insurance matters, has released Tax Tips For Disaster Survivors, which is worth reviewing if you've suffered from Mother Nature's worst last year.here. Make sure the damage to your home and property is thoroughly documented, with photos, in case the IRS comes calling. Nobody wants to experience a flood or hurricane. But if you did, at least get what's coming to within the full capacity of tax law. It could add up to more than you might think.
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