DIAL DALFRED: How flood victims can claim losses on 2016 tax returns

LAFAYETTE, La. (KLFY)  Tax season is in full swing and won’t be the average season for thousands of Louisianians this year.

Flood victims can expect to fill out a few extra forms to get the most out of their money.

News Tens Dalfred Jones has details in this special Dial Dalfred report.

During the historic flood of 2016 more than 100,000 Louisiana residents suffered some form of flood damage. Fast forward to tax season 2017, you may be looking at getting a few dollars back for money spent recovering.

When filing taxes this year, of course, you’ll need the essentials like a drivers license or id, and social security numbers for all dependents.

They would also need income such as W2s, 1099s, any gambling winnings, or jury duty income.

For those who had water enter their homes during the 2016 historic floods and spent their own money to rent tools, buy wood or sheetrock for repairs, they will be allowed to claim the state sales tax on those items.

There must be proof of your loss and any damages. You can’t just waltz into an office and just give numbers or anything and say that you want to claim a loss for flooding, or a storm or any casualties or theft, you have to have actual proof for that.

Some property is not eligible for refund like central a.c. units, hot tubs, or golf equipment.

If you visit your local tax office they can get more in depth with you on what is allowed.

Any funds received from FEMA is not taxable income.

In fact, any FEMA funds should be subtracted from your losses. the same goes for sba loans, with one exception.

If there’s any interest on those loans, you claim that on your Schedule A Form.

The IRS has also offered some relief for flood victims this tax filing season, if you need a copy of previously filed returns, follow these instructions.

Mark in red at the top of the form Louisiana Severe Thunderstorms and flooding, they (the IRS) will waive the fees that are usually associated with that and expedite your request.

If there’s an ongoing issue in your neighborhood or community, or you simply need a question answered, Dial Dalfred at 262-0868.

In St. Lafayette Parish, Dalfred Jones for KLFY News Ten.

 

 

 

 

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