Taxpayers who are victims of a disaster might need to reconstruct records to
prove their loss. Doing this may be essential for tax purposes, getting federal
assistance, or insurance reimbursement.
Here are 12 things taxpayers can do to help reconstruct their records after
a disaster:
- Taxpayers can get free tax return transcripts by using
the Get
Transcript tool on IRS.gov, or use their smartphone with the IRS2Go
mobile phone app. They can also call 800-908-9946 to order them by phone.
- To establish the extent of the damage, taxpayers should
take photographs or videos as soon after the disaster as possible.
- Taxpayers can contact the title company, escrow
company, or bank that handled the purchase of their home to get copies of
appropriate documents.
- Home owners should review their insurance policy as the
policy usually lists the value of a building to establish a base figure
for replacement.
- Taxpayers who made improvements to their home should
contact the contractors who did the work to see if records are available.
If possible, the home owner should get statements from the contractors to
verify the work and cost. They can also get written accounts from friends
and relatives who saw the house before and after any improvements.
- For inherited property, taxpayers can check court
records for probate values. If a trust or estate existed, the taxpayer can
contact the attorney who handled the trust.
- When no other records are available, taxpayers can
check the county assessor’s office for old records that might address the
value of the property.
- There are several resources that can help someone
determine the current fair-market value of most cars on the road. These
resources are all available online and at most libraries:
- Kelley’s Blue Book
- National Automobile
Dealers Association
- Edmunds
- Taxpayers can look on their mobile phone for pictures
that show the damaged property before the disaster.
- Taxpayers can support the valuation of property with
photographs, videos, canceled checks, receipts, or other evidence.
- If they bought items using a credit card or debit card,
they should contact their credit card company or bank for past statements.
- If a taxpayer doesn’t have photographs or videos of
their property, a simple method to help them remember what items they lost
is to sketch pictures of each room that was impacted.
More Information:
- Publication
547, Casualties, Disasters, and Thefts
- Publication
584, Casualty, Disaster, and Theft Loss Workbook
- Publication
584-B, Business Casualty, Disaster, and Theft Loss Workbook
- Publication
2194, Disaster Resource Guide for Individuals and Businesses
- Federal
Emergency Management Agency
- Small
Business Administration
- Disasterassistance.gov
No comments:
Post a Comment