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Taxes / Finances

1) Casualty losses

2) Link to United Policyholders Financial Workshop November 2017

3) IRS Disaster Assistance and Emergency Relief Information

I do NOT provide any tax advice whatsoever. I share the following to encourage folks to ask questions and find out about how the fires have affected your taxes.  As awful as all this is, some of the answers are a relief (see (1)(b) below).  Tax stuff, unfortunately, might yet be  another thing to add to our long list.

1) What my accountant told me re Contents-related casualty gains/losses:

  1. If you want to claim a casualty loss (your contents coverage payout was less than what your contents were worth), you need to do an itemized inventory for the IRS. I do not know what the IRS’s requirements for that inventory is (probably discussed in one of the links below)
  2. However, federally declared disaster survivors do not have to claim any casualty gains from contents insurance payments (if your contents payout exceeds what your stuff was worth).
  3. My acct offered me three choices:
    1. File now if I have no casualty losses to claim
    2. File later this year if I think I will a casualty loss at that time
    3. File now with no casualty losses to claim, but I have three years from 4/15/18 to change my mind and submit a detailed inventory to claim a casualty loss.

I have nothing to share at this time regarding gains/losses with respect to dwelling coverage.  Others have discussed on this list, but again, best to consult an expert.

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2) Video of the November 2017 United Policyholders Workshop dealing with Financial Issues.

It includes a section (at about minute 56:00  till the end) that deals with IRS and Income Tax Returns.  The video includes United Policyholders introduction and resources, County Assessor representative,  Financial Planning, Loan Financing, and the tax return section at the end.

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Folks should consider consulting a CPA who has studied IRS federal disaster rules.  

 3) Disaster Assistance and Emergency Relief for Individuals and Businesses (from IRS website)

https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses-1

Neighbors Together SR does not provide any advice or endorse any service provider or agency. 

October 2017 Northern California Firestorm: Tubbs Fire in Santa Rosa: Coffey Park; Fountaingrove (Hidden Valley Estates (HVE) is lumped with FG); Larkfield-Wikiup-Mark West-Riebli; Rincon Valley-Deer Trail-Calistoga Rd; Bennett Ridge (Nuns/Annadel Fire) . . . See more . . . »

 

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